Kentucky Storm, Flooding Victims Now Eligible for Tax Relief

According to the announcement of the IRS, which was published on August 2, 2022, storm victim taxpayers living in parts of Kentucky have time until November 15, 2022, to make their tax payments and file their individual or business tax returns.

The area, in which the tax relief of the IRS will be applicable, is limited to the area designated by the Federal Emergency Management Agency. So far, the designated areas, which are also confirmed by the IRS for tax relief, include the following counties:

  • Wolfe
  • Pike
  • Perry
  • Owsley
  • Martin
  • Magoffin
  • Letcher
  • Leslie
  • Knott
  • Johnson
  • Floyd
  • Clay
  • Breathitt
Kentucky Storm, Flooding Victims Now Eligible for Tax Relief

The IRS also announced that the same relief opportunities will be available for taxpayers living in other counties when the Federal Emergency Management Agency adds them to their list. You can always visit the official IRS page to learn more about disaster relief and the counties it is available.

Under normal circumstances, payment and tax filing deadlines were on July 26, 2022. However, with this relief, taxpayers living in the area will have time until November 15, 2022, to pay their taxes or file their returns without any penalties or interests. On the other hand, the due to file your 2021 return was October 17, 2022, which is extended to November too.

It is worth noting that 2021 returns, which were due on April 18, 2022, are not eligible for this relief. This relief also covers quarterly estimated income tax payments, excise tax returns, and quarterly payroll returns, which their due dates were September 15, October 31, and August 1, 2022, respectively.

Moreover, you can enjoy the abate opportunity for payroll and excise tax deposit penalties after July 26 and before August 10, if you make the deposits until August 10, 2020. Taxpayers do not have to do anything to benefit from this opportunity and IRS will process all the requirements actions automatically.

Leave a Reply

Your email address will not be published.

Back to top button