On Tuesday February 22, 2021 the IRS announced that the entire state of Texas will have until June 15, 2021, to file various individual and business tax returns and make tax payments due to the severe winter storms that plagued the state and forced the Federal Emergency Management Agency (FEMA) to declare a federal disaster area. Taxpayers in other states impacted by these winter storms that receive similar FEMA disaster declarations will automatically receive the same filing and payment relief. The current list of eligible localities is always available on the disaster relief page on IRS.gov.

The tax relief postpones various tax filing and payment deadlines that occurred starting on February 11. As a result, affected individuals and businesses will have until June 15, 2021, to file returns and pay any taxes that were originally due during this period. Please note this includes and is not limited to the following: 2020 individual and business returns normally due on April 15, various 2020 business returns due on March 15, affected taxpayers will have until June 15 to make 2020 IRA contributions, quarterly estimated income tax payments due on April 15 and quarterly payroll and excise tax returns normally due on April 30. The relief would also applies to tax-exempt organizations, operating on a calendar-year basis, that have a 2020 return due on May 17.

In addition, penalties on payroll and excise tax deposits due on or after February 11 and before February 26 will be abated as long as the deposits are made by February 26.

For more details on returns and payments please refer to the IRS disaster relief. As always feel free to contact us with any questions.