Louisiana – Victims of severe storms and floods, which began May 17, 2021, now have until August 16, 2021 to file and file various tax returns for individuals and businesses, the Internal Revenue Service said today.
Following the recent Federal Emergency Management Agency disaster declaration, the IRS announced today that affected taxpayers will receive tax breaks in certain areas.
Individuals and households affected by severe storms and floods who live or have a business in Ascension, Calcasieu, East Baton Rouge, Iberville and Lafayette Parishes are eligible for tax breaks. The declaration allows the IRS to postpone certain tax filing and tax payment deadlines for taxpayers who reside in the disaster area or have a business. For example, certain deadlines on or after May 17, 2021 and before August 16, 2021 will be postponed to August 16, 2021. This includes the deadline for filing 2020 income tax returns and paying any tax that may be due, which was previously postponed to June 15. Taxpayers also have until August 16, 2020 to make IRA contributions. The deadline is June 15th for the rest of Louisiana.
For the second quarter payment, which is normally due on June 15, the deadline of August 16, 2021 applies. In addition, the penalties for deposits due on or after May 17, 2021 and before June 1, 2021 apply , abolished as long as the tax payments are made by June 1, 2021.
If an affected taxpayer receives a late filing or late payment notice from the IRS whose original or extended filing, payment or deposit due date falls within the deferred period, the taxpayer should call the telephone number provided in the notice to notify the IRS Reduce punishment. For information on currently available services, see the IRS Operations and Services page at www.IRS.gov/Coronavirus.
The IRS automatically identifies taxpayers who are in the disaster area covered and applies filing and payment facilities. However, affected taxpayers who reside or have a business outside of the covered disaster area should call the IRS Disaster Hotline at 866-562-5227 to apply for this tax break.
Disaster area covered
The locations listed above represent a covered disaster area in the sense of Treas. Reg. §301.7508A-1 (d) (2) and are entitled to the facilities listed below.
Taxpayers who are deemed to be affected taxpayers who are entitled to a postponement of the deadline for filing tax returns, paying taxes and other time-sensitive acts are the taxpayers listed in the Treasury. Registration number. Section 301.7508A-1 (d) (1) and includes individuals living in the Covered Disaster Area and companies (including tax-exempt organizations) whose principal place of business is located. Taxpayers who are not in the disaster area covered but whose records are required to meet a deadline set in the Treasury. Registration number. Section 301.7508A-1 (c) are in the disaster area covered are also entitled to discharge. In addition, all relief workers who belong to a recognized governmental or philanthropic organization supporting the relief efforts in the Covered Disaster Area, as well as all persons who visit the Covered Disaster Area and were killed or injured as a result of the disaster, are entitled to assistance.
Pursuant to Section 7508A, the IRS gives affected taxpayers the option to file most tax returns (including individual, corporate, and estate and escrow tax returns; partnership, S-corporate and trust returns; inheritance, gift, and generation skipping transfer tax returns) by August 16, 2021 , annual information returns from exempt organizations, and employment and certain excise returns) that have either an initial or extended due date that is on or after May 17, 2021 and before August 16, 2021.
Affected taxpayers whose anticipated income tax payment was originally due on or after May 17, 2021 and before August 16, 2021, will not be penalized if the estimated tax rates are not paid while such payments are in progress Paid on or before August 16, 2021.
The IRS also gives affected taxpayers until August 16, 2021 to take other time-sensitive actions outlined in Treas. Registration number. Section 301.7508A-1 (c) (1) and Rev. Proc. 2018-58, 2018-50 IRB 990 (December 10, 2018) to be carried out on or after May 17, 2021 and before August 16, 2021 will be postponed to August 16, 2021.
This relief also includes filing Series 5500 forms that had to be submitted on or after May 17, 2021 and postponed to August 16, 2021 before August 16, 2021, as described in Section 8 of Rev. Proc. 2018 -58. The information contained in Section 17 of Rev. Proc. 2018-58, regarding the exchange of property of the same kind, also applies to certain taxpayers who are not otherwise affected and may include acts that must be carried out before or after the above period.
Unless an act is expressly stated in Rev. Proc. In 2018-58, the postponement of the submission and payment deadlines does not apply to information returns of the W-2, 1094, 1095, 1097, 1098 or 1099 series; to forms 1042-S, 3921, 3922 or 8027; or on employment and excise tax deposits. However, penalties for deposits due on or after May 17, 2021 and before June 1, 2021 will be abolished as long as the tax deposits are made by June 1, 2021
Affected taxpayers in a disaster area declared by the federal government have the option of claiming disaster-related accident damage in their federal income tax return either for the year in which the event occurred or for the previous year. See publication 547 for more information.
Individuals can deduct personal asset losses that are not covered by insurance or other reimbursements. For details, see Form 4684, Accidents and Thefts, and Instructions.
Affected taxpayers claiming disaster damage on a 2020 return should put the disaster designation “Louisiana Severe Storms and Flooding” in bold at the beginning of the form. Be sure to include the Disaster Report Number FEMA 4606-DR with each return. See publication 547 for more information.
The IRS waives the usual fees for affected taxpayers and requires copies of previously filed tax returns. Taxpayers should put the assigned disaster designation “Louisiana Severe Storms and Flooding” in bold at the top of Form 4506 Tax Return Request or Form 4506-T Tax Return Request and submit to the IRS.
Affected taxpayers who are contacted by the IRS about a collection or audit matter should explain how the disaster will affect them so that the IRS can properly review their case. Taxpayers can download forms and publications from the official IRS website www.IRS.gov.