Disaster-related Tax Filing Extensions

When there’s a FEMA designation for a disaster in an area, there’s an automatic 60-day filing extension for many federal tax matters. The IRS has discretion to give more time—up to a year. For example, taxpayers in Vermont who suffered flooding that started on July 9th, have an extended due date of November 15, 2023. This means, for example, that calendar-year partnerships and S corporations whose 2022 extensions run out on September 15, 2023, and calendar-year corporations whose 2022 extensions run out on October 16, 2023, have until November 15, 2023, to file with no late-filing penalties. Victims of the Florida storms from April 12 to 14, 2023, have until August 14, 2023, to file forms subject to their extension. Check for IRS disaster relief here. And check your state tax department for any state-level extensions for disaster victims. #IdeaoftheDay

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