 internal revenue service IRS tax news IRS hurricane in victims in Florida qualify for tax relief October 17th deadline other dates extended to February 15th honestly the Fed is giving relief to Florida I don't even believe it let's read on to see what kind of exception the administration put in the small print I'm guessing it'll go something like this because hurricane in is clearly an Eastern sounding name we have determined that the hurricane actually identifies as a typhoon and because typhoons are not currently covered under our hurricane relief plan Florida you're on your own I'm sorry I mean if it were actually a hurricane we would totally be there for help but given the circumstances there's just nothing we can do this announced as the administration's representatives based in Florida take off from the airstripped bound for DC Floridians attempting to flee the storm clinging to the wheel wheels of the plane as it takes off the pilot shaking its fist yelling out the window at the Floridians that's what you get for going red honestly the administration hates to sacrifice the woke mouse and the process down there in Disney World but from a utilitarian perspective it's all for the greater good as we progressively march towards utopia next and finally up at the global warming conference and last but not least the president Biden will lecture us about energy policy this is one that I like to call Star Wars toast because that is last but not least it has a light side and a dark side ladies gentlemen and everyone in between ladies gentlemen and alternative high school graduates president by dog what's that okay okay I hear you I hear you and I just want you to know that my only goal okay okay I hear you crowd I hear you is to be able to help you better and who being honest with me well and I agree president Biden is least that's helping me do that I'm not gonna stand up here as your host and lie to you okay so let me let me try again but let me try again and with my introduction so I can get it right this time next up ladies gentlemen and all intentionally ambiguous pronouns present ladies gentlemen and alternative high school graduates is president Biden who is both last and least okay but still don't leave yet or anything I'm sure he won't fall asleep this time in the middle of like you're lying to us I are 20 22- 168 September 29 2022 Washington hurricane and victims throughout Florida now have until February 15 2023 to file various federal individual and business tax returns and make tax payments the Internal Revenue Service announced today the IRS is offering relief to any area designated by the federal emergency management agency that's gonna be FEMA there's a link to FEMA here this means that individuals and households that reside or have a business anywhere in the state of Florida qualify for tax relief the current list of eligible localities is always available on the disaster relief page on irs.gov there's a link to that here so they didn't give me a list of localities that I'm gonna be listing out which is quite embarrassing most of the time because I can't pronounce the names but they're here so you can check them out there'll be a link to this in the description and you can link over to the disaster relief page to look up more detail so the tax relief postpones various tax filing and payment deadlines that occurred starting on September 23 2022 as a result affected individuals and businesses will have until February 15 2023 to file returns and pay any taxes that were originally due during this period this means individuals who had a valid extension to file their 2021 return due to run out on October 17 2022 will now have until February 15 2023 to file the IRS noted however that because tax payments related to these 2021 returns were due on April 18 2022 those payments are not eligible for this relief so there's a difference between the penalties and interest that they hit you with when you have a late filing versus the penalties and interest they hit you with when there's a late payment and in order to avoid getting hit with the late payment penalty you still possibly have to pay because that happened you know when the tax return was originally due but if you filed the extension then you have until October 17th to file generally with the extension and now if there's an extended time frame you have that extended time frame from there to February 15 2023 so the February 15 2023 deadline also applies to quarterly estimated income tax payments due on January 17 2023 and the quarterly payroll and excise tax returns normally due on October 31 2022 and January 31 2023 businesses with an original or extended due date also have the additional time including among others calendar year corporations whose 2021 extensions run out on October 17 2022 similarly tax exempt organizations also have the additional time including for 2021 calendar year returns with extensions due to run out on November 15 2022 in addition penalties on payroll and excise tax deposits due on or after September 23 2023 and before October 10 2022 will be abated removed in essence as long as the deposits are made by October 10 2022 the disaster assistance and an emergency relief for individuals and businesses page with that exceedingly long name has a link to it right here if you want to check it out it has details on other returns payments and tax related actions qualified for additional time the IRS automatically provides filing and penalty relief to any taxpayer with an IRS address of record located in the disaster area so if you have your address in there you shouldn't have to take any other action at this point they should apply it automatically based on your address therefore taxpayers do not need to contact the agency to get the tax relief so they they say that as if it's a favor to you but really they don't like talking to you really so please don't call us is what they're gonna say but any case they should apply automatically however if an affected taxpayer receives a late filing or late payment penalty notice from the IRS that has an original or extended filing payment or deposit due date falling within the postponement period the taxpayers should call the number on the notice to have the penalty abated so they should apply it automatically in other words but if you get a penalty and and it's in the timeframe that should have been applied to and they didn't apply it then then you got to contact the IRS and say hey you know you're supposed to do this automatically what is this letter what do you do it what's going on but do it cordially so that you can fix the problem and not just go crazy on some IRS person this just doesn't know any case in addition the IRS will work with any taxpayer who lives outside the disaster area but whose records necessary to meet a deadline occurring during the postponement period are located in the affected area so if you have like paperwork in the affected area but your address is outside of it then you might still qualify for the relief but the IRS can't apply it automatically in that case because they think your address is outside the record so how would they know how to do that so you got to contact them in that case taxpayers qualified for relief for relief who live outside the disaster area need to contact the IRS at 866-562-5227 I won't say that a hundred times because there will be a link to this in the description and you can look it up there this also includes workers assisting the relief activities who's who are affiliated with a recognized government or philanthropic organization philanthropic certain to like that word more than I have to say it over philanthropic philanthropic doesn't even sound like English to I don't know where that comes from is that like Latin or so I don't know any what it just keep reading just keep going and individuals and businesses and a federally declared disaster area who suffered uninsured or unreimbursed disaster related losses can choose to claim them on either the return for the year the loss occurred and this instance 2022 return normally filed next year or return for the prior year 2021 so this is the question you got to ask if you're gonna have like a deduction on your income tax return do you want to claim it in the year that happened which would be in 2022 for this particular disaster but then you wouldn't actually get the benefits from it tell you file the return next year by April 15th of 2023 typically and because of the disaster it might have lowered your income because you might be dealing with the disaster for half the year at this point in time or the last part of the year here the last few four months or something of the year so if that's the case your income might be lower and because we have a progressive income tax system then getting a like a deduction in a lower income year might not be as beneficial if you got the deduction like a higher income year so then you might want to take it and put it to the last year which in this case would be 2021 where you might have had more income now if you haven't filed 2021 because you're on extension then you could file 2021 and determine if you want to take it there but if you have already filed 2021 then you might have to think about whether or not it be worthwhile to amend 2021 if you have the capacity to do that and those are the options so be sure to write that the FEMA declaration number that's DR 4673 FL I won't say that a hundred times because again link description check it out on your own so it's not you got to put that on any turn any return where you're claiming the loss so the IRS knows what you're doing so see publication 547 for details there's a link to that year so the tax relief is part of a coordinated federal response to the damage caused by Hurricane Ian and is based on local damage assessments by FEMA so I didn't see anything in the small print that says the administration is going to stop they're going to go through with it this time they're going to do the right thing I'm surprised but good for them for information on disaster recovery you can visit disaster assistance dot gov there's a link to that here so you could check that out they'll be a link to all this other stuff as well they'll be a link to this in the description