Arkansas, Mississippi, and New York Storm Victims Qualify for Tax Relief

Victims of the recent storms in Arkansas, Mississippi, and New York now have until the end of July and mid-May respectively, to file their individual and business tax returns and to make tax-related payments. For help determining whether you qualify for these tax relief measures, reach out to an experienced tax attorney today.

Filing and Payment Deadlines Extended 

The recently implemented storm-related tax relief measures delay various tax filing and payments deadlines. For instance, eligible taxpayers who live in Arkansas and Mississippi now have until the last day of July to file returns and pay taxes that were due starting on March 31st. New York residents, on the other hand, have until May 15th to file returns and payments. This extension applies to:

• Filing 2022 individual income tax returns originally due on April 18th;
• Filing business tax returns initially due on April 18th;
• Making 2022 contributions to IRAs and health savings accounts;
• Making quarterly estimated tax payments normally due on April 18th and June 15th; and
• Filing quarterly payroll and excise tax returns typically due on April 30th.

Qualifying taxpayers who need even more time to file (beyond the July 31st and May 15th deadlines) can request an additional extension by contacting the IRS. Otherwise, the agency will automatically provide filing and penalty relief to taxpayers who have an address of record in a designated disaster area. This means that in most cases, taxpayers don’t have to contact the agency in order to qualify for the extension.

Who is Eligible for Tax Relief? 

Tax relief is being offered to those who live in Arkansas, Mississippi, and New York and reside in locations designated disaster areas by the Federal Emergency Management Agency (FEMA). For residents of Arkansas, this means that households and individuals that live or have a business in Cross, Lonoke, or Pulaski counties and were affected by the severe storms and tornadoes on March 31st are eligible for tax relief. Relief is also available to Mississippi residents who live or work in Carroll, Humphreys, Monroe, and Sharkey Counties (which were declared disaster areas as a result of tornadoes and severe storms on March 24th and 25th). Finally, victims of the winter storms that occurred between December 23rd and 28th in the New York counties of Erie, Genesee, Niagara, St. Lawrence, and Suffolk last year, are eligible for relief.

Taxpayers who live outside of these disaster areas could still qualify for tax relief if their records are located in an affected area. This includes workers tasked with assisting the relief activities and who are affiliated with a charitable or government organization.

Contact Dedicated Tax Attorney Ronald Cutler, P.A. 

The recent storms in Arkansas, Mississippi, and New York have left many people without power and shelter. Storms victims who are struggling with these issues should not have to worry about filing their taxes on time, or incur penalties for failing to do so. To learn more about the tax relief measures for which you might be eligible, reach out to experienced CPA, former FBI Special Agent, and nationwide tax lawyer Ronald Cutler, P.A. at 386-490-9949 today.

Sources: 

irs.gov/newsroom/irs-arkansas-storm-victims-qualify-for-tax-relief-april-18-deadline-other-dates-extended-to-july-31

irs.gov/newsroom/irs-new-york-storm-victims-qualify-for-tax-relief-april-18-deadline-other-dates-extended-to-may-15