IRS to extend payment deadlines to East Ky. flood victims

HAZARD, Ky. (WYMT) - The Internal Revenue Service has announced that victims of the severe storms and flooding in Eastern Kentucky will now have until Nov. 15, 2022 to file various individual and business tax returns and make tax payments.

Individuals and households affected by severe storms, flooding, landslides and mudslides that reside or have a business in Breathitt, Clay, Floyd, Johnson, Knott, Leslie, Letcher, Magoffin, Martin, Owsley, Perry, Pike, and Wolfe counties qualify for tax relief.

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.

This means individuals who had a valid extension to file their 2021 return due to run out on Oct. 17, 2022, will now have until Nov. 15, 2022, to file. The IRS noted, however, that because tax payments related to these 2021 returns were due on April 18, 2022, those payments are not eligible for this relief.

The Nov. 15 deadline also applies to the quarterly estimated tax payment, normally due on Sept. 15 and the quarterly payroll and excise tax returns, normally due on Aug. 1. In addition, businesses with an original or extended due date also have the additional time including, among others, calendar-year partnerships and S corporations whose 2021 extensions run out on Sept. 15, 2022 and calendar-year corporations whose 2021 extensions run out on Oct. 17, 2022.

Penalties on payroll and excise tax deposits due on or after July 26, 2022, and before Aug. 10, 2022, will be abated as long as the tax deposits are made by Aug. 10, 2022.

If an affected taxpayer receives a late filing or late payment penalty notice from the IRS that has an original or extended filing, payment or deposit due date that falls within the postponement period, the taxpayer should call the telephone number on the notice to have the IRS abate the penalty. For information on services currently available, visit the IRS operations and services page at IRS.gov/Coronavirus.

The IRS automatically identifies taxpayers located in the covered disaster area and applies filing and payment relief. But affected taxpayers who reside or have a business located outside the covered disaster area should call the IRS disaster hotline at 866-562-5227 to request this tax relief.