As a result of the recent disaster declaration issued by the Federal Emergency Management Agency, the IRS announced that Texas residents and businesses will receive a tax relief in the form of filing and payment extensions. This delay in filing and payment applies to all taxpayers who reside or have a business in any of the 254 Texas counties and is automatic, meaning that taxpayers do not need to file any forms to qualify.
Certain tax deadlines falling on or after February 11, 2021 are now postponed through June 15, 2021, including, but not limited to, the following:
* Flowthrough tax returns, namely Partnerships and S corporations, due on March 15, 2021.
* Individual and corporate tax returns and payments due on April 15, 2021.
* Tax-exempt organization returns due on May 17, 2021.
* Quarterly Estimated Tax payments due on April 15, 2021.
* Quarterly payroll and excise tax returns and payments normally due on April 30, 2021.
* Individual taxpayers also have until June 15, 2021 to catch up with their 2020 IRA contributions.
Fiscal-year taxpayers also qualify for the relief as long as their tax deadlines are falling between February 11, 2021 and June 15, 2021.
The IRS will automatically identify taxpayers located in the covered disaster area and apply filing and payment relief. Additionally, the IRS will consider offering the same relief to residents of other states who were affected by the same storms and associated disaster declarations. However, the IRS has not yet postponed deadlines for taxpayers outside the Texas disaster area.
Please refer to the following link for more information related to the tax extension relief from the IRS:
If you have any questions regarding the tax extension relief and how it might affect you or your business, or if you require any other assistance with your tax planning and/or compliance needs, please do not hesitate to contact one of our knowledgeable team members.