Kentucky Storm and Flooding Victims Eligible for Tax Relief Through November 15

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Kentucky Storm and Flooding Victims Eligible for Tax Relief Through November 15

According to the Internal Revenue Service (IRS) starting of Aug. 2, 2022, Kentucky storm and flooding victims have until Nov. 15, 2022, to petition for some tax relief. According to the department, relief is available when submitting certain individual and corporate tax returns and making tax payments.

Beginning July 26, 2022, the newly announced relief postpones some tax filing and payment deadlines. Individuals and companies impacted will now have until November 15, 2022, to complete returns and pay taxes owed during this time period.

Key Takeaways

  • Certain taxes must now be filed and paid by residents of certain Kentucky counties by November 15, 2022.
  • The IRS disaster relief website has a list of current qualifying locations.
  • Eligible taxpayers who requested an extension until October 17, 2022 now have until November 15, 2022 to submit their taxes.
  • However, there is no delay for paying taxes due on April 18, 2022.
  • The extension does not apply to quarterly anticipated taxes that were due on September 15, 2022.
  • For people who reside in a designated disaster region, filing and payment relief are automatic.

Eligible Locations

Tax relief is available in areas recognized by the Federal Emergency Management Agency (FEMA) as qualifying for individual or governmental assistance. Households and individuals in the following counties are currently eligible for assistance:

  • Breathitt
  • Clay
  • Floyd
  • Johnson
  • Knott
  • Leslie
  • Letcher
  • Magoffin
  • Martin
  • Owsley
  • Perry
  • Pike
  • Wolfe
  • Areas added after the deadline will be eligible for the same rebate. The latest recent list may be found on the IRS disaster relief website.
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Available Relief

The tax relief announced today delays tax filing and payment deadlines that would have been effective beginning July 26, 2022. Eligible taxpayers in selected locations have until November 15, 2022, to submit and pay their tax returns. This includes the following:

  • Individuals have a legal extension to submit their 2021 tax return that is set to expire on October 17, 2022.
  • Taxpayers who owe an expected quarterly income tax payment due on September 15, 2022
  • Those who ordinarily have quarterly payroll and excise tax reports due on August 1 and October 31.
  • Calendar-year partnerships and S companies with original or extended due dates expire on September 15, 2022, while calendar-year corporations with original or extended due dates expire on October 17, 2022.

Furthermore, anybody who owes a penalty on payroll or excise tax payments due on or after July 26 and before August 10 will have the penalty waived if the contributions are paid by August 10, 2022.

Other tax-related acts that qualify for an extension are detailed on the Disaster Assistance and Emergency Relief for Individuals and Businesses website.

Although the filing date for individuals who sought an extension until Oct. 17 on their 2021 tax return has been extended to Nov. 15, tax payments relating to such returns are not eligible for this relief.

Relief Is Automatic for Most

Taxpayers having an IRS address inside the disaster region will automatically get aid. To seek tax relief, these people do not need to contact the agency or complete documentation. If a taxpayer gets a late filing or payment penalty notice that they feel is incorrect, they should contact the number on the notice to have the penalty waived.

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Taxpayers who reside outside of the designated disaster zones but have records in one of the designated disaster areas may call the department at 866-562-5227 to seek help. This includes relief workers who are linked with a recognized government or humanitarian organization.

Taxpayers With Disaster Losses

Individuals and companies in a federally designated disaster region that suffer uninsured or unreimbursed catastrophe-related losses may file a claim:

  • on their tax return for the year of the loss (2022, due in 2023); or
  • on their prior-year (2021) tax return by making an update to that return.

Taxpayers should provide the FEMA declaration number DR-4663-KY on any return reporting a loss. Additional information is available in IRS Publication 547.

The Bottom Line

This newly announced tax relief is part of a coordinated government response to recent storm damage in Kentucky, and is based on FEMA damage estimates. The extension of time to file and, in certain circumstances, pay until November 15, 2022, considers the necessity for taxpayers and companies to recover financially from this calamity.

Most extensions to file and pay are automatic based on a taxpayer’s stated IRS address. Taxpayers who feel they have received an incorrect notice or penalty can contact the IRS for help. Disaster aid is a continuous and changing process. Disasterassistance.gov has further information about catastrophe recovery.

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