IRS Provides Tax Relief to Mississippi Taxpayers Affected by Tornadoes and Severe Storms

storms and tornadoes in Mississippi

IRS Provides Tax Relief to Mississippi Taxpayers Affected by Tornadoes and Severe Storms

Deadline Extension for Filing Tax Returns and Making Tax Payments

Taxpayers in Mississippi affected by tornadoes and severe storms on March 24 and 25, 2023 now have until July 31, 2023, to file various individual and business tax returns and make tax payments, according to the IRS.

In IR-2023-60 (March 28, 2023), the IRS announced that it is giving tax relief following a disaster declaration from the Federal Emergency Management Agency (FEMA). For taxpayers who live in or operate businesses in the disaster area, the declaration enables the IRS to push back specific deadlines for tax filing and payment.

Assistance is available to those affected by tornadoes and severe storms in Carroll, Humphreys, Monroe, and Sharkey counties.

The IRS has extended the due dates for several tax-related obligations until July 31, 2023. This encompasses the filing of 2022 individual income tax returns due on April 18, and 2022 business returns. Quarterly estimated tax payments due on April 18, 2023, and June 15, 2023. This extension also affects quarterly estimated tax payments and payroll and excise tax returns due on April 30. Additionally, taxpayers who make their payroll and excise tax deposits by April 10, 2023, will have the penalties waived for deposits due between March 24, 2023, and April 10, 2023.

The IRS advises that certain taxpayers who are affected by the tax-related obligations. Extended due dates may still need more time to file beyond the new deadline of July 31, 2023. The agency suggests that taxpayers request additional time electronically before the original deadline of April 18, 2023. However, if the request is made after April 18, 2023, and before July 31, 2023, must be submitted on paper.

If an affected taxpayer receives a penalty notice from the IRS for late filing or late payment. Their original or extended filing, payment, or deposit due date falls within the postponement period. The notice provides instructions to contact the telephone number to request the IRS to waive the penalty.

Furthermore, affected taxpayers who live or have a business outside the disaster area can call the IRS hotline for relief.

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