IRS Announces Special Case

( According to reports, the Internal Revenue Service has extended the deadline for filing certain individual and corporate tax returns and making certain tax payments to July 31, 2023, for taxpayers in Mississippi who were impacted by severe storms and deadly tornadoes on March 24 and 25, 2023.

Tax relief is granted once the Federal Disaster Management Agency  (FEMA) issues a disaster designation, as stated in IRS release IR-2023-60.  Taxpayers who live or have a company in the declared disaster region may have some tax filing and payment dates extended by the Internal Revenue Service.

Residents and business owners in Sharkey, Monroe, Humphreys, and Carroll counties impacted by recent tornadoes and severe weather are eligible for financial assistance.

When tax payments are received by April 10, 2023, fines for payroll and excise taxes due before or on March 24, 2023, will be waived.

Reports show it’s possible that taxpayers who are impacted may require a longer time than the original July 31, 2023 limit allows. The IRS recommends they submit an electronic extension request by the April 18 deadline, 2023. Paper extensions are the sole option for taxpayers in catastrophe areas between April 18th and July 31, 2023.

If a taxpayer’s initial or extended filing, payment, or deposit due date occurs inside the postponement period, and the taxpayer gets a delayed payment penalty notification from the IRS, the taxpayer should contact the telephone number on the notice to have the penalty waived.

According to its website, the IRS will not charge impacted taxpayers the standard cost to get a copy of their prior-year tax return. Forms 4506 and 4506-T should be sent to the IRS with the designated Mississippi disaster designation, straight-line winds, severe storms, and tornadoes written at the top.

Whenever the IRS contacts a catastrophe-affected taxpayer about a collection or inspection problem, the person should describe how the event affects them. The Internal Revenue Service (IRS) has downloadable documents and forms available on its official website.