IRS EXTENDS FIRE VICTIMS TAX DEADLINES

IRS extends fire victims tax deadlines. Internal IRS Revenue publication 2022-01, the IRS has extended the filing deadline until May 16, 2022, for victims of the wildfires in COlorado. This applies to both individual and business tax returns and also to making payments. Following the FEMA disaster declaration issued, the IRS is giving this relief to taxpayers impacted by the wildfires that took place in December of 2021, in Colorado. Right now, the relief is available in BOulder COunty, Colorado, but the IRS will be providing the same relief to those in any area of Colorado that was impacted by the devastation and designated a disaster area by FEMA. You can find the list of locations on the FEMA webiste. IRS extends fire victims tax deadlines.

The tax relief postpones various tax filing and payment deadines that occurred starting on December 30. As a result, impacted individuals and businesses will have until May 16th, 2022 to file returns and pay any taxes that were originally due during this period. This includes 2021 individual income tax returns due on APril 18, as well as various 2021 business returns normally due on March 15 and April 18. AMong other things, this means that affected taxpayers will have until May 16 to make 2021 IRS contributions. In addition, farmers who choose to forgo making estimated tax payemtns and normally file their returns by March 1 will now have until May 16, 2022 to file their 2021 return and pay any due tax.

THe May 156 deadline also applies to quarterly estimated income tax payments due on January 18 and April 18 . AMong other things, this means that individual taxpayers can skip making the fourht quarter estimated tax payemtn, normally due January 18th, 2022, and instead include it with the 2021 return they file, on or before May 16. Taxpayers in a FEMA designated disaster zone would be eligible for other tax relief, but would need to contact a Tax Resolution Company for information. 1-888-689-7861