 Internal Revenue Service IRS tax news! IRS Missouri Storm flooding victims now eligible for tax relief October 17th deadline other dates extended to November 15th but first an attempt at a joke. Another Hollywood actress recently got upset about being misgendered. How dare you? How dare you? And I'll tell you what. I'll tell you what? Hell haths no fury like a birthing person scorn. Like the saying goes, hell hath no fury. But Ellen or Elliot Page, well she's a dude now. I'm a dude playing a dude disguises another dude. So no worries about that birthing person scorn thing anymore, right? No worries. No worries. What's up, Phil? She's allowed to be a dude, a birthing person, and scornful? And I'm a bigot for saying other- No, you're a bigot. What, whatever, Phil? I'm not a bigot. I just, I didn't know you could do that. I didn't know unicorns could do that. I mean, it really doesn't seem fair, does it? That's not fair. You have to like pick one, don't you? You can't be like everything at the same time, can you, Phil? You have to pick one? I can't. I love them all too much. I see, I see, Phil. You can be everything. There's no limits. As long as your feelings are strong enough. Batman has no limits. I don't know, Phil. I don't know. I mean, one time, I wanted to be both a beach bum and a basketball player, but the two didn't seem compatible. I see, Phil. I must have had insufficiently strong feelings on the matter. Otherwise, I would have made it happen. You can make it. I don't know, Phil. I think a rapid growth spurt may have helped me a little bit more than my feelings, but whatever. IR 2022-149, August 10, 2022, Washington. Storm victims in part of Missouri now have until November 15, 2022, to file various 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, otherwise known as FEMA, F-E-M-A. There's a link to FEMA here if you want to check that out, as qualifying for individual or public assistance. Currently, individuals and households that reside or have a business in the independent city of, I'm probably going to butcher some of these cities, but here we go. St. Louis as well as St. Charles, Montgomery and St. Louis counties in Missouri qualify for tax relief. The same relief will be available to any other locality added later by FEMA. So you can check out FEMA and see if they've updated and see if you're within that area. So the current list of eligible localities is always available on the Disaster Relief page at IRS.gov. There's a link to that here. So again, hopefully they'll be updating that. You can check that out if you so choose IRS.gov, IRS.gov, the location. So the tax relief postpones various tax filing and payment deadlines that occurred starting on July 25, 2022 as a result effective individuals and businesses will have until November 15, 2022 to file returns and pay any taxes that were originally due during this period. This means individuals who had a valid extension to file 2021 return due to run out on October 17, 2022 will now have until November 15, 2022 to file. So if you filed an extension, remember there's two things that are involved here. One, the deadline to pay to the deadline to file the return. So if you owed money, then you're probably still going to owe the money because the extension didn't extend the time to owe the money. It extended the time to be able to file. So that filing extension now would be due on October 17. But if you have that valid extension, it could be pushed out here until November 15. The IRS noted, however, that because tax payments related to these 2021 returns were due April 18, 2022, those payments are not eligible for this relief. The November 15, 2022 deadline also applies to quarterly estimated income tax payments due on September 15, 2022 and the quarterly payroll and excise tax returns normally due on August 1 and October 31, 2022. Businesses with an original or extended due date also has the additional time including, among others, calendar year partnerships and S corporations whose 2021 extensions run out on September 15, 2022 and calendar year corporations whose 2021 extensions run out on October 17, 2022. In addition, penalties on payroll and excise tax deposits due on or after July 25, 2022 and before August 9, 2022 will be abated as long as the deposits were made by August 9, 2022. The disaster assistance and emergency relief for individuals and businesses page, there's a link to that here, has details on other returns, payments and tax related actions qualifying for the additional time. So if there's any other things we didn't mention here, you can look at that page to see if they are qualified or not. The IRS automatically provides filing and penalty relief to any taxpayer within an IRS address of record located in the disaster area. So if you're in the disaster area, this extension of time should be applied automatically because the IRS knows where the disaster area is. They know where you are if you're filing in that area and they should be able to apply it automatically. Therefore, taxpayers do not need to contact the agency to get this relief. 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. In other words, it should apply automatically. If it doesn't, if they mess up, if they give you a letter which is charging you penalties and interest and you don't believe it to be accurate, then you can call them back. You typically want to contact the contact information on the letter, if possible, rather than like using an 800 number on the website or something like that because you're more likely to contact or get in contact with someone or use the address in the old snail mail to try to address the problem. But you would like to do it quickly if there's penalties involved so that if there's any issues with it, it doesn't accumulate more interest and so on. So 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 now you're outside the area but you had problems that was stuff in the area. You may still qualify for relief but the IRS doesn't know about you because your address isn't what they have inside the place, inside the affected area. Therefore, you're going to have to take some action on your part in that case. So taxpayers qualified for relief who live outside the disaster area need to contact the IRS at 866-562-5227. I won't say that 100 times because I'll put a link to this in the description. You can look up the number yourself if you want to. This also includes workers assisting the relief activities who are affiliated with a recognized government or philanthropic organization, individuals and businesses in a federally declared disaster area who suffer uninsured or unreimbursed disaster-related losses can choose to claim them on either the return for year of loss occurred in this instance 2022 return normally filed next year or return for the prior year 2021. So the year of the loss happened in 2022. You might file in 2022 which would happen by April 15th, typically of 2023 and get your tax benefit at that point. However, obviously you would have to wait a little bit longer in order to file the return in that case and also your income may be lower in 2022 due to the fact that you have this disaster happened and therefore a deduction or something like that might not be as beneficial because we have a progressive tax system and your taxes would be lower if your income was lower and so on and so forth, so for various reasons then both from a tax planning strategy and overall tax benefit strategy you might choose to go back to 2021 and see if you can file it for 2021. If you're on extension for 2021 and you have not yet filed then you could do it that way and file it maybe in 2021. But if you already filed 2021, possibly you can look into seeing whether you can do an amended return if that was something that would be more beneficial. So those are general options. Be sure to write the FEMA declaration number DR4665MO and again there will be a link to this in the description so you can look up that FEMA number on your own on any return claiming a loss. You can see publication 547 for more details. There's a link to that publication. The tax relief is part of a coordinated federal response to the damage caused by these storms and is based on local damage assessments by FEMA for information on disaster recovery. You can visit disasterassistance.gov. There's a link to that. There's links to the publications. There's the email and the phone numbers here. All this stuff is here and there'll be a link to this in the description, totally free. You can click on it. It's no spam or anything. I'm not even totally legitimate and you could get all this valuable information. So there you go.