Texas residents, who in recent days have had to face the ferocity of the winter storm, are going to have a breather from filing your taxes.
The Internal Revenue Service recently announced that they will expand the deadline to file taxes, in addition to other deadlines, to be able to help, in some way, the entire letter that they bring in Texas due to the ravages of the winter storm.
It is because of that, The last day they have to pay taxes was extended to June 15, 2021. This applies to filing your individual and commercial taxes, as well as for the payment of your taxes.
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The IRS explains in a press release, is providing this relief to the entire state after the Federal Emergency Management Agency (FEMA) declared a disaster for Texas.
Against this background, the Internal Revenue Service made it clear that it will extend the deadlines to all those regions that are also declared by FEMA as disasters: they will receive the same relief from filing and paying taxes.
“As a result, affected individuals and companies will have until June 15, 2021 to file returns and pay the taxes that were originally due during this period (from February 12 to April 15). This includes 2020 individual and business returns that typically expire on April 15, as well as various 2020 business returns that expire on March 15. Among other things, this also means that affected taxpayers will have until June 15 to make their 2020 IRA contributions, ”reads the press release released by the IRS.
This deadline, they explain, will also be applied to quarterly estimated income tax payments due on April 15. and for quarterly payroll and excise returns that are normally due on April 30.
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It also applies to tax-exempt organizations, which operate on a calendar year basis, that have a 2020 return due on May 17.
The Internal Revenue Service also explained that, in addition, the fines on deposits of payroll taxes and special taxes that expire as of February 11 and before February 26 are going to be reduced. This, as long as the deposits have been made before February 26.
If you have any question, you can check the IRS site.
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