 internal revenue service IRS tax news IRS Alaska storm and flood victims qualified for tax relief October 17th deadline other dates extended to February 15th so if the storm has washed you out into the freezing cold sea where you're currently floating on an iceberg staring down a hungry polar bear don't worry the IRS has extended your tax filing deadline hurricane and flood tax relief thanks a lot IRS I'd like to relieve myself all over your tax filing cabinets yeah that that was stupid that that doesn't make any sense Phil cut that last part out I don't want to sound crazy or anything I mean it Phil remember we're both on the same team pursuing the same corporate objective remember the mission statement Phil saving the world by reading IRS tax news and then posting it to YouTube but first a joke the IRS thinks I'm under their thumb my hero is my thumb it has its own room in my mittens thank you but I have a few tricks under my hat well all right just a few more tricks but be warned these are advanced moves not for beginners however I have to keep them under wraps they'll keep that freakish thing under wraps so things keep going underway free flight underway counting to clearance shuttle has cleared the bay door so between the IRS and me we have a lot under thumbs hats wraps and ways these days wow that's that's a lot and if we don't keep all that stuff under it's all over my thumb where's my thumb found it oh no now it's a baby pine cone add that one to the collection I are 2022-164 September 27 2022 Washington victims of storms and flooding that began on September 15th in parts of Alaska 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 for individual or public assistance by the federal emergency management agency otherwise known as FEMA there's a link to that here this means that individuals and households that reside or have a business and the regional education attendance areas of and I'm not going to say these names correctly but I'll try anyways just for a comic relief if nothing else we've got the Bering Straits Kasha Numyat lower Kaskatchwin Wim and lower Yukon in Alaska qualify for tax relief there'll be a link to this in the description if those names were completely un uh you can't you can't understand those names there'll be a link to the description you could check it out there so other areas added later will also qualify for this relief the current list of eligible localities is always available on the disaster relief page on irs.gov there's a link to that page here the tax relief postpones various tax filing payment deadlines that occurred starting on September 15th 2022 as a result affected individuals and businesses will have until February 15th 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 17th 2022 will now have until February 15th 2023 two files that's the most common kind of thing that would probably be taking place if you had an extension outstanding for filing your tax return typically you would have until October 17th two file and that may be extended then under these circumstances to February 15th of 2023 however remember as they're going to point out here that the deadlines for the filing and the deadline for the payments are different you can't extend the filing but you but you can't really extend the payment and therefore uh if you owe money it still might behoove you to pay the money sooner rather than later so that you can avoid the penalties and interest which is what we're always trying to do those sticks that they wheeled around and you're ducking and weaving so that you don't get hit by one that's the penalties and interest so the IRS noted however that because tax payments related to these 2021 returns were due on April 18th 2022 those payments are not eligible for this relief the February 15th 2023 deadline also applies to quarterly estimated income tax payments due on September 15th 2022 and January 17th 2023 the quarterly payroll and excise tax returns normally due on October 31st 2023 in January 31st 2023 businesses with an original or extended due date all have also have the additional time including among others calendar year partnerships and S corporations whose 2021 extension ran out on September 15th 2022 and calendar year corporations whose 2021 extension ran out on October 17th 2022 similarly tax exemptor organizations also have the additional time including for 2021 calendar year returns with extensions due to run out on November 15th 2022 in addition penalties on payroll and excise tax deposits due on or after September 15th 2022 and before September 30th 2022 will be abated removed in essence as long as the deposits are made by September 30th 2022 the IRS disaster assistance and emergency relief for individual businesses page that's quite a long header for the page name there's a link to that here has details on other returns payments and tax related actions qualifying for additional time so if we didn't list the thing that you're thinking about there you could go to that page and check out what other kind of stuff might be included the IRS automatically provides filing and penalty relief to any taxpayer with an IRS address of record located in the disaster area therefore taxpayers do not need to contact the agency so the IRS is saying please don't contact us we're kind of overwhelmed over here we don't like people actually contacting us but it should apply automatically because they have your address and they can apply it based on the address would be the general idea 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 taxpayer should call the number on the notice to have the penalty abated so it should apply automatically if you get some letters saying that you owe a penalty and they didn't apply it properly automatically then you want to contact them with the number on the notice don't just try to call some random IRS 800 number because it might be easier to get a hold of someone if you use the number on the notice typically so in addition the IRS will work with any taxpayer who lives outside the disaster area but whose records necessary to meet deadline occurring during the postponement period are located in the affected area taxpayers qualifying for relief who live outside the disaster area need to contact IRS at 866-562-5227 I won't say that a hundred times because there'll be a link to this in the description you can look at it on your own so obviously if you're outside the disaster area but you'd still think you qualify for relief because you got like tax documents inside the disaster area then the iris doesn't know about you because your address is outside so you have to take action in that case if you want the extended time frames this also includes workers assisting the relief active activities who are affiliated with a recognized government or philanthropic organization individuals and businesses in 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 in this instance 2022 return normally filed next year or the return for the prior year 2021 so that's an end you want to kind of think about that if you're in a disaster kind of situation what would be the best year to file in obviously the disaster would be happening in 2022 you would think then you would have any kind of tax benefit from it happening on the 2022 tax return but you wouldn't actually file that return until say April 15th of 2023 so you got to keep that in mind also you might in 2022 have way less income in 2022 due to the disaster and if you have less income due to the progressive tax system you're going to have less taxes that will be owed and therefore any kind of decreases to the income from deductions might not have as much of a benefit as if they were in a normal year such as possibly the prior year so the other option would possibly be to file the 2021 tax return and take any kind of benefits there possibly so in that case if you had not filed 2021 because you're on extension then that's something that would be fairly easy to do at that point otherwise if you already filed then you got to think well do I is it possible and what I want to amend the 2021 return to take it there okay so be sure to write the FEMA declaration number which is dr 467 to ak I won't say that a hundred times because there'll be a link to this in the description check it out on your own on any return claiming a loss you can see publication 547 for more details there's a link to that here the tax relief is part of a coordinated federal response to this disaster and is based on a local damage assessment by FEMA for information on disaster recovery you can visit disaster assistance go but there's a link to all that stuff here and there'll be a link to this in the description