On August 10, 2022, the IRS announced that storm victims in Missouri may benefit from the new deadline to pay their business or individual taxes and make their payments. The new deadline is November 15, 2022, and it is available for storm victims residing in certain parts of Missouri.
These areas cover the parts designated by FEMA (Federal Emergency Management Agency). In addition, it is worth noting that this new deadline will also cover any future areas that are designated by the Federal Emergency Management Agency.
The new deadline covers many tax operations for both individuals and businesses. These include quarterly estimated income tax payments, quarterly payroll and excise tax returns, calendar-year partnerships, 2021 extensions of S corporations, and much more.
It is worth noting that no penalties or interest will be charged to individuals and businesses that complete their operations until November 15, 2022.
Despite this comprehensive tax relief announcement for the storm victims in Missouri, the IRS notes that the relief does not cover any penalties on excise tax and payroll deposits that are due after July 25, 2022, and before August 9, 2022.
Moreover, the IRS encourages filers to file or report their taxation operations through the e-File system for smooth and quick transactions and confirmation.