(TheConservativeTimes.org) – The IRS announced tax relief for individuals and businesses in areas of Massachusetts and Maine that were affected by Hurricane Lee, which slammed into the northeastern United States earlier this year, Forbes reported.
According to the IRS, the tax relief applies to businesses and individuals located in the Maine counties of Androscoggin, Aroostook, Cumberland, Franklin, Hancock, Kennebec, Knox, Lincoln, Oxford, Penobscot, Piscataquis, Sagadahoc, Somerset, Waldo, Washington, and York, and the Massachusetts counties of Barnstable, Berkshire, Bristol, Dukes, Essex, Franklin, Hampden, Hampshire, Middlesex, Nantucket, Norfolk, Plymouth, Suffolk, and Worcester.
The Internal Revenue Service’s current list of eligible areas can also be found on the disaster relief page of the IRS website.
The IRS tax relief for eligible areas will postpone various tax filing and deadlines from September 15, 2023, to February 15, 2024.
The new deadline applies to those with a valid extension to file a 2022 return through October 16, 2023. However, since payments for 2022 returns were still due on or before April 18, 2023, those payments will not be eligible for this relief.
In short, the IRS is giving taxpayers more time to file their returns, but not more time to pay.
At the same time, the IRS is granting more time for individuals to pay the quarterly estimated income tax payments that were due on September 15 and January 16, 2024.
Businesses in the impacted areas that normally file quarter excise and payroll tax returns on October 31 and January 31 are also entitled to tax relief. Additionally, penalties for failing to pay excise and payroll tax deposits due on or after September 15 and before October 2 will be abated provided the deposits are made by October 2.
Calendar-year partnerships and S corporations with valid extensions through September 15, and calendar-year corporations with valid extensions through October 16 are also being granted more time.
Likewise, calendar-year tax-exempt organizations with valid extensions through November 15 will also be entitled to tax relief.
Copyright 2023, TheConservativeTimes.org
