Withholding and Reporting -- Iowa victims of severe storms, tornadoes granted tax relief
Posted by DaveMoll on May. 23, 2024 / Subscribe 0
The president has declared a federal disaster area in Iowa. The disaster is due to severe storms and tornadoes that began on April 26, 2024. The disaster area includes:
· Clarke,
· Harrison,
· Mills,
· Polk,
· Pottawattamie,
· Ringgold,
· Shelby, and
· Union
Taxpayers who live or have a business in the disaster area may qualify for tax relief.
Iowa Filing Deadlines Extended. The IRS extended certain deadlines falling on or after April 26, 2024, and before October 15, 2024, have been postponed to October 15, 2024. This extension includes filing for most returns, including:
· individual, corporate, estate and trust income tax returns;
· partnership and S corporation income tax returns;
· estate, gift and generation-skipping transfer tax returns;
· the Form 5500 series returns;
· annual information returns of tax-exempt organizations, and
· employment and certain excise tax returns.
Iowa Payment Deadlines Extended. However, the extension does not include information returns in the Form W-2, 1094, 1095, 1097, 1098, or 1099series or Forms 1042-S, 3921, 3922 or 8027.
Also, the relief includes extra time to make tax payments. This includes estimated tax payments due on or after April 26, 2024, and before October 15, 2024. Further, taxpayers have until October 15, 2024, to perform other time-sensitive actions due on or after April 26, 2024, and before October 15, 2024.
The IRS excused late penalties for employment and excise tax deposits due on or after April 26, 2024, and before May 13, 2024, will be abated as long as the deposits are made by May 13, 2024.
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