Additionally, the IRS has granted taxpayers an extension until July 31, 2023, to file tax returns and make payments.
Taxpayers in Indiana who were affected by tornadoes and severe storms on March 31 and April 1, 2023, have been granted tax relief by the Internal Revenue Service (IRS). The relief comes after a disaster declaration was issued by the Federal Emergency Management Agency (FEMA), which allows the IRS to extend certain tax-filing and tax-payment deadlines for residents and businesses in the disaster area.
According to an IRS press release (IR-2023-88), individuals and households in Allen, Benton, Clinton, Grant, Howard, Johnson, Lake, Monroe, Morgan, Owen, and White counties are eligible for tax relief. The affected taxpayers have until July 31, 2023, to file various individual and business tax returns and make tax payments.
The extended deadlines include 2022 taxes for individuals and businesses, quarterly estimates, and payroll/excise taxes for 2023. Taxpayers have more time to file and pay their taxes without bearing fines and interest. Making the late deposits by April 18, 2023, can result in abatement of fines on payroll and excise tax deposits. Taxpayers in Indiana can request an electronic extension to file beyond July 31, 2023, before April 18, 2023. Taxpayers can make extension requests on paper only for the period between April 18, 2023, and July 31, 2023.
In the event that affected taxpayers receive late-filing or late-payment penalty notices from the IRS for an original or extended filing, payment, or deposit due date that falls within the postponement period, there is a solution. They can call the telephone number on the notice to have the IRS abate the penalty.
Taxpayers outside the disaster area can call the IRS disaster hotline to request tax relief if affected.
Given that tax laws are intricate and subtle, our articles cannot cover all the rules’ details. Therefore, it is crucial to consult with a trained, experienced, and qualified tax specialist for specific tax situations. Attempting to navigate the tax code independently may lead to missed opportunities and potential risks.
Thankfully, there are various resources available to assist you in finding the right tax professional for your needs. Such resource is IfindTaxPro, where you can post your tax project and discover the appropriate specialist for your specific situation. IfindTaxPro helps locate qualified professionals who can identify risks and opportunities that taxpayers may not be aware of.
IfindTaxPro offers a marketplace with a full suite of tools, including compliance calendars, task and message management, and billing, for licensed tax professionals interested in helping clients. You can also quickly connect with knowledgeable colleagues who can complement your services with the ones you do not provide. Register with IfindTaxPro today to start helping clients and building your practice.