IRS ANNOUNCES DEADLINE AND RELIEF FOR ILLINOIS AND TENNESSEE TORNADO VICTIMS

The IRS has compensated the victims of Illinois and Tennessee by extending the date of tax filing. The IRS extended the date of tax filing till May 16, 2022, for the victims of Illinois and Tennessee. The individual taxpayer or business taxpayer has the special privilege to file the tax return and pay the tax till May 16, 2022. This is the same relief that the Internal Revenue Services granted for the victims of the storm in Kentucky.

The Federal Emergency Management Agency declared the emergency alert for the specific areas, On December 10, 2021, in different parts of Illinois and Tennessee the people were affected by storms, tornadoes, and flooding. The victims faced economic and non-economic damages. This is the reason that the IRS compensated them against their damages and extended the due date of tax filing to May 16, 2022. Currently, this relief is available to the victims of the following areas; Montgomery, Morgan, Moultrie, Cass, Coles, Effingham, Cheatham, Decatur, Dickson, Dyer, Jersey, Macoupin, Madison, Pike, and Shelby counties in Illinois, and Gibson, Lake, Obion, Stewart, and Weakley counties in Tennessee. The IRS will provide the same relief to other counties and states as designated by the federal emergency management agency. Here the important thing to consider is, only affected taxpayers have this privilege to file the tax till May 16, 20222. The taxpayer who is not affected by this natural disaster is not entitled to this privilege.

The IRS has compensated the victims so it means that the affected taxpayers have time to pay the tax till May 16, 2022. This includes the tax dues of 2021, for an individual taxpayer the due date for tax filing was on April 18, for the business return the due date was March 15 and April 18. This relief also includes the quarterly payroll and excise tax returns that were due on January 31, and May 2, 2022, now it is also extended to May 16, 2022.

The IRS is directly providing this relief to the affected taxpayers. There is no need to file any application or fill the forms. The IRS will recognize the affected taxpayers in the aforementioned areas and will compensate them by providing tax filing relief. If any affected taxpayer receives the penalty notice or due date notice then the taxpayer can contact the mentioned number on the notice and waive the penalty. The taxpayers who are qualified for the relief but live outside the disaster areas can contact the IRS and request the relief.

The affected taxpayers living in the disaster areas can claim the losses that they faced due to the flood, storm, and tornado in their returns. In the return, the affected taxpayers can give the details of their damages and can claim compensation. It will help them in getting the fast compensation from the concerned authorities but please Be sure to write the FEMA declaration number — 3577EM for Illinois or 3576EM for Tennessee − on any return claiming a loss.

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A blog created by CPE Warehouse to provide all tax professionals with relevant updates and information. Subscribe to stay up to date and learn more!