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Federal Tax

IRS announces tax relief for victims of severe storms, straight-line winds and tornadoes in Oklahoma

Thomson Reuters Tax & Accounting  

· 1 minute read

Thomson Reuters Tax & Accounting  

· 1 minute read

Following the disaster declaration issued by the Federal Emergency Management Agency, individuals and households affected by severe storms, straight-line winds and tornadoes that reside or have a business in McClain and Pottawatomie counties qualify for tax relief. IRS Webpage – OK-2023-01 (4-24-2023)

The declaration permits the IRS to postpone certain tax-filing and tax-payment deadlines for taxpayers who reside or have a business in the disaster area. For instance, certain deadlines falling on or after April 19, 2023, and before August 31, 2023, are granted additional time to file through August 31, 2023. As a result, affected individuals and businesses will have until August 31 to file returns and pay any taxes that were originally due during this period.

The August 31, 2023, deadline also applies to any payment normally due during this period, including the quarterly estimated tax payment normally due on June 15, and the quarterly payroll and excise tax returns normally due on May 1 and July 31. In addition, penalties on payroll and excise tax deposits due on or after April 19, 2023, and before May 4, 2023, will be abated as long as the tax deposits are made by May 4, 2023.

 

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