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Hurricane Ian Relief

We hope everybody is safe after Hurricane Ian.  For those with property damage, hopefully this update can provide some background on tax disaster relief.  We would advise that if you sustained damage in the storm to reach out to us for further discussion.

IRS Extends Deadline

On September 29, 2022, the IRS extended various individual and business tax returns and payments to February 15, 2023.  Individuals that had an extension to file their 2021 tax returns by October 17, 2022 will now have until February 15, 2023.  The extended deadline applies to quarterly estimated tax payments that are due January 17, 2023 and to quarterly payroll and excise tax returns due October 31, 2022 and January 31, 2023.  Penalties on payroll and excise tax deposits due on or after September 23, 2022, and before October 10, 2022, will be abated as long as the tax deposits are made by October 10, 2022.

Individuals and households that reside or have a business anywhere in the state of Florida qualify for this relief.  The IRS automatically identifies taxpayers located in the covered disaster area by the address on their return.  Taxpayers not in the covered disaster area (Florida), but whose records are in the covered disaster are also entitled to relief, but should call the IRS disaster hotline at 866-562-5227 to request relief.

The IRS has not yet issued relief for South Carolina taxpayers but most likely will soon.

Casualty Losses

Affected taxpayers that have personal property losses not covered by insurance or other reimbursements can deduct those losses on their return.  IRS Publication 547 gives further details on how to claim those losses.  Taxpayers will have the option of claiming the disaster loss on their 2022 tax return or their 2021 return by submitting an amended return.

Records Request

Also in the relief, the IRS will waive the usual fees for copies of previously filed tax returns for affected taxpayers.  If you need a copy of prior year returns, now is a good time to request it from the IRS.

Written by
Marc Miller