 Internal Revengers IRS tax news IRS Georgia Alabama Storm victims qualified for tax relief April 18th deadline other dates extended to May 15th It's been raining like crazy over here in California to the other day I was singing that classic gold song. It's raining. It's pouring and then after I got to the old man is Snoring the neighborhood kids chimed in singing the old man snoring. Let's assault him And it's a hate wait a second. That's that's not how the song goes I mean, honestly, what what the hell is wrong with kids these days? Now I can see how the old man bumped his head and couldn't wake up in the morning that dang kids bumped his head Well, he was snoring Honestly, like with all this rain, I'm starting to think God is rethinking that whole no more mass floods promise thing He made possibly partially due to certain people hoarding that rainbow symbol. I mean, I'm pretty sure the rainbow was made for everyone Because like human beings are designed to enjoy colors, you know, unless unless like they're colorblind or something I mean dang color hoarders Like I remember when I had to deal with those gangs that had they like have a color that they claimed is like their color Like red or blue is our color and it's like, okay. That's lame But whatever I mean, they were very insistent. So it's like, okay I got what but but having a gang that claims every color in the rainbow as theirs I mean that's going too far. I mean what what are the rest of us supposed to do? Everyone walk around like Mark Zuckerberg in a gray shirt as if we're some kind of robot. I mean, it's ridiculous Honestly, it's gotten so bad. I think there's a market out there for gray Skittles these days So if they I mean if they put a pack of gray Skittles out there on the market people would like flock to it And they're like finally I can enjoy Skittles again without having to claim any kind of gang affiliation although Eating a gray Skittle doesn't sound the same I mean, I mean, I know the colors don't really matter and a purple Skittle doesn't really taste like a grape or anything But would it really be the same experience if you ate like a purple Skittle that was that was gray? I don't I but whatever anyways on to the news I are 2023 dash 09 January 19th 2023 Washington storm victims and parts of Georgia in Alabama now have until May 15th 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 Otherwise known as FEMA. There's a link to that here. This means that individuals and households that reside or have a business in I'll probably mispronounce some of these items here But there'll be a link to this in the description and you have a link here as well to the FEMA page So if there's any updates to them, you could check the list there So butts Hanrae Jasper, Maryweather, Newton, Spalding and Traup counties in Georgia and Alabama and Dallas counties in Alabama qualify for tax relief other areas added later to the disaster area will also qualify for the same relief the current list of Eligible localities is available on tax relief in disaster situations So there's a link to that here if you want to check that out in more detail The tax relief postpones various tax filing and payment deadlines that occurs starting on January 12th 2023 as a result affected affected individuals and businesses will have until May 15th 2023 to file returns and pay any taxes that were originally due during this period This includes 2022 individual income tax returns due on April 18th as well as various 2022 business returns normally due on March 15th and April 18th Among other things this means that eligible taxpayers will have until May 15th to make 2022 contributions to their IRAs IRAs and health savings accounts So in addition Farmers who choose to forgo making estimated tax payments and normally file their returns by May March 1st We'll now have until May 15th 2023 to file their 2022 return and pay any tax due the May 15th 2023 deadline also applies to quarterly estimated tax payments normally due on January 17th 2023 and April 18th 2023 this means that individual taxpayers can skip making the fourth quarter estimated tax payment normally due January 17th 2023 and instead include it with the 2022 return they file on or before May 15th The May 15th deadline also applies to quarterly payroll and excise tax returns normally due on January 31st and April 30th 2023 in addition Penalties on payroll and excise tax deposits due on or after January 12th 2023 and before January 27th 2023 will be abated as long as the tax deposits are made by January 27th 2023 the disaster assistance and emergency relief for individuals and business page There's a link to that here has details on other returns payments and tax related questions Qualifying for the additional time the IRS automatically provides filing and penalty relief to any taxpayer with an IRS address of record located in the disaster area Therefore taxpayers did 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 tax payment Tax payment payers should call the number on the notice to have the penalty abated So in other words if you're in the affected area They should have the records of that because they have the address and they should apply the extensions automatically But if they mess up send you a letter for penalties and interest which should not have been done Due to the fact of this extension then of course you need to contact them use the letter With the contact information on it Otherwise you might be on hold for about 20 years or something like that even though they hired like a million more IRS agents 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 Taxpayers qualified for relief who live outside the disaster area need to contact the IRS at eight six six five six two five two two Seven I won't say that a hundred times because there'll be a link to this in the description You can check it out on your own and clearly if you are outside the disaster area But have records in it then they're not going to be able to apply the extensions Automatically to you because it's going to be based on the records that they have the address that they have so you can Have to contact them in that situation if you want to get the extension here's the contact information This also includes workers assisting the relief activities who are affiliated with a recognized government or philanthropic organization individuals and businesses and a federally declared disaster area who suffered uninsured or Unreimbursed disaster related losses can choose to claim them on their on either the return for the year the loss occurred in this instance 2023 return normally filed next year or the return for the prior year 2022 normally filed this tax season so we've got the issue happening this time if there's tax implications then you've got this choice to make and Considerations to make on that is well Where's the biggest tax benefit you're gonna have and when can I get that benefit when I need it? So obviously if you need the tax benefit Sooner and there's gonna be a significant tax benefit You want to take it on the earlier year that you can and if you haven't filed like most people haven't for 2022 that might be the easiest thing to do Or you can take it you know in the year that the event happened this case 2023 so there's kind of issues on tax issues if you're looking at total Tax benefit then you might want to look at the year that has more income in it So oftentimes if there's a disaster people's income are going to be lower in the year of the disaster Because that's the whole that's the whole point here And so that would mean that their taxes are going to be lower So in this case it would be 2023 if you think your income is going to be substantially hampered in 2023 then getting a tax benefit lower in your income isn't going to be as beneficial because you'll be in lower tax brackets Anyways, so then you might want to apply it to the prior year in this case 2022 if you can to get more of the benefit. However, many people are coming out of a reset or a you know a COVID induced problem in their situation with work on wages prior in prior years So you might think even do even with the disaster you might be making more money in 2023 than 2022 due to other circumstances in which case you might want to take it in 2023 Even though you'd have to wait for until you file 2023 in the following year by April 15 2024 Okay, so be sure to write the FEMA declaration number, which is 4 6 8 4 dr For Alabama and 4 6 8 5 dr for Georgia on any return claiming a loss see publication 5 4 7 There's a link to that for details 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 disaster assistance go there's a link to that here There's a link to the publication. There's a link to the FEMA page There's links all over the place on this to valuable information and there'll be a link to this in the description