Hurricane Fiona Victims in Puerto Rico to Receive IRS Tax Relief

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Hurricane Fiona Victims in Puerto Rico to Receive IRS Tax Relief

Hurricane Fiona victims in Puerto Rico now have until Feb. 15, 2023, to submit their 2021 federal individual and company tax returns, with a valid extension that was set to expire on Oct. 17, 2022. The IRS reprieve postpones numerous additional file and payment deadlines that were set to begin on September 17, 2022.

According to the IRS, tax payments for 2021 returns due on April 18, 2022 are ineligible for this exemption.

Hurricane Fiona victims in all 78 Puerto Rican municipalities listed by the Federal Emergency Management Agency are eligible for assistance (FEMA).Individuals and families that live or own a company in the Commonwealth of Puerto Rico are eligible for tax reduction. The IRS website’s disaster relief page has a list of qualifying locations.

Key Takeaways

  • Puerto Ricans affected by Hurricane Fiona now have until Feb. 15, 2023, to submit returns that were originally due Oct. 17, 2022.
  • Payments made before to September 17, 2022, are not eligible for remission.
  • Relief is available for tax filing and payment deadlines on or after September 17, 2022.
  • The assistance is available to victims in all 78 of Puerto Rico’s municipalities approved by FEMA.
  • There are more tax relief alternatives available, such as claiming casualty losses and getting copies of prior years’ IRS returns.

September 17, 2022 Marks the Start of Relief

The relief postpones filing and payment deadlines that began on September 17, 2022. Individuals in Puerto Rico’s 78 municipalities will have until Feb. 15, 2023, to submit forms and pay taxes that were due during the period beginning Sept. 17.

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If you have a legal extension to file (but not pay) until October 17, 2022, you now have until February 15, 2023. The deadline of February 15 also applies to quarterly anticipated income tax payments due on January 17, 2023, as well as quarterly payroll and excise tax reports ordinarily due on October 31, 2022 and January 31, 2023.

Businesses who have an initial or extended due date after September 17 have until February 15, 2023, to file and pay. Tax-exempt organizations are also eligible for the extended deadline, which will expire on November 15, 2022, for 2021 calendar-year returns.

Penalties on payroll and excise tax payments made after September 17, 2022 but before October 3, 2022 will be waived if made before October 3, 2022. More information on tax-related catastrophe assistance may be obtained on the IRS disaster relief website.

All of Puerto Rico Is Automatically Eligible

Importantly, Puerto Ricans are not required to apply for filing, payment, or penalty relief. The IRS immediately extends it to anybody with an IRS address of record in the disaster region. If you get a late filing or late payment penalty notice from the IRS and your due date is on or after September 17, 2022, contact the IRS number shown on the notification to have your penalty waived.

Furthermore, if you reside outside the catastrophe region but have documents required to fulfill an IRS deadline that are located inside the disaster area, the agency will work with you to ensure you are not punished. This also applies to aid workers who are part of a recognized government or charitable organization. Individuals or employees who are affected can contact the IRS at 866-562-5227 for assistance.

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Hurricane Fiona Casualty Losses

If you or your company suffers uninsured or unreimbursed disaster-related losses, you may claim them on either the 2022 (filed in 2023) or the previous year’s return (2021).On any return claiming a loss, provide the FEMA declaration number DR-3583-EM.

The IRS has also said that it would eliminate expenses for accessing copies of previously filed tax returns for hurricane-affected taxpayers in Puerto Rico. If you need copies of your tax returns, fill out Form 4506 and label it “Puerto Rico Hurricane Fiona” before mailing it to the IRS.

The Bottom Line

If you reside or work on the island of Puerto Rico in any of the 78 municipalities designated as disaster areas by FEMA as a result of Hurricane Fiona, you are immediately eligible for tax filing and, in certain circumstances, payment deferral until February 15, 2023. To be eligible, your original or extended deadline must fall on or after September 17, 2022.

Other tax advantages are available, such as the ability to claim casualty losses and get prior year tax returns. The filing date for returns, payments, and penalty waiver requests is February 15, 2023.

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