From late March into the beginning of April, certain areas of Tennessee endured some horrific weather that included tornadoes, extreme storm surges, and heavy winds. Due to the damage caused by these natural disasters, the IRS has decided to give the victims until July 31st to file a variety of different business and individual tax returns.
Overview
All areas that were designated by the Federal Emergency Management Agency(FEMA) will be offered relief from the Internal Revenue Service. These areas include all businesses and households residing in Wayne County, Tipton County, Rutherford, McNairy, Macon, Lewis, Haywood, Hardin, Hardeman, and Cannon. Additionally, any areas that are designated as disaster areas in the future will also have until July 31st to file certain returns and make certain payments.
Deadlines Postponed
Various payment and tax filing deadlines that took place starting March 31st have been extended until July 31st. This includes 2022 individual tax returns and many different business tax returns that were originally supposed to be due on April 18th. Additionally, people that are eligible now have until July 31st to make IRA and health savings account contributions.
When it comes to quarterly estimated tax payments that were originally due on April 18th and June 15th will now also be due on the same date of July 31st. Quarterly payroll and excise tax payments for people in these disaster areas have been extended to the same date at the end of July as well. Payroll and excise tax deposit penalties will be abated as long as the taxpayer makes the deposit by April 18th, 2023.
Wrap Up
Taxpayers that are in the designated relief areas do not have to contact the IRS. The agency automatically gives filing and penalty relief for anyone with a recorded address in these designated areas. In order to see the full list of the Tennessee-designated relief areas, visit the IRS.gov disaster relief page.