The Internal Revenue Service (IRS) has announced that storm victims in Arkansas now have until July 31, 2023, to file federal individual and business tax returns and make tax payments. This relief applies to individuals and businesses in Cross, Lonoke, and Pulaski counties, which have been designated by the Federal Emergency Management Agency (FEMA) as disaster areas due to tornadoes and severe storms on March 31.
The tax relief postpones tax filing and payment deadlines starting from March 31, 2023, giving affected parties until July 31, 2023, to file returns and pay any taxes due during this period. This extension includes 2022 individual income tax returns and various business returns originally due on April 18, as well as 2022 contributions to IRAs and health savings accounts.
Quarterly estimated tax payments, typically due on April 18 and June 15, and quarterly payroll and excise tax returns, normally due on April 30, 2023, are also covered by the July 31 deadline. Penalties on payroll and excise tax deposits due between March 31 and April 18 will be abated if the tax deposits are made by April 18, 2023.
Taxpayers requiring more time beyond the July 31 deadline should request an extension electronically before the original April 18 deadline. Visit IRS.gov/extensions for more information. The IRS will automatically provide filing and penalty relief to taxpayers with an IRS address of record in the disaster area, and affected taxpayers do not need to contact the agency to obtain this relief.
This article, “IRS Extends Tax Deadlines for Arkansas Storm Victims” was first published on Small Business Trends