Lynn Paslowski CPA

Lynn Paslowski CPA

2rightheaderLogo

  • Home
  • About
  • Services
    • Business Services
    • Bookkeeping
    • Sales & Use Tax Services
    • IRS Representation
    • Payroll
    • Testimonials
  • Tax Services
  • Blog
  • Portal
  • Contact
You are here: Home / Uncategorized / Tax Relief Now Available to Victims of Hurricane Ida, Including New Jerseyans

Tax Relief Now Available to Victims of Hurricane Ida, Including New Jerseyans

September 6, 2021 By admin Leave a Comment

September 3, 2021

Tax Relief Now Available to Victims of Hurricane Ida, Including New Jerseyans

Victims of Hurricane Ida that began on Aug. 26 now have until Jan. 3, 2022, to file various individual and business tax returns and make tax payments.

The IRS is offering this relief to any area designated by the Federal Emergency Management Agency (FEMA) —  — as qualifying for individual or public assistance. Currently this includes Louisiana, New Jersey and New York. Taxpayers in Ida-impacted localities designated by FEMA in neighboring states will automatically receive the same filing and payment relief. The current list of eligible localities is always available on the disaster relief page on IRS.gov.

What Is Extended

The tax relief postpones various tax filing and payment deadlines that occurred starting on Aug. 26, 2021. As a result, affected individuals and businesses will have until Jan. 3, 2022, to file returns and pay any taxes that were originally due during this period. This means individuals who had a valid extension to file their 2020 return due to run out on Oct.15, 2021, will now have until Jan. 3, 2022, to file. The IRS noted, however, that because tax payments related to these 2020 returns were due on May 17, 2021, those payments are not eligible for this relief.

The Jan. 3, 2022, deadline also applies to quarterly estimated income tax payments due on Sept. 15, 2021, and the quarterly payroll and excise tax returns normally due on Nov. 1, 2021. It also applies to tax-exempt organizations, operating on a calendar-year basis, that had a valid extension due to run out on Nov. 15, 2021. Businesses with extensions also have the additional time including, among others, calendar-year corporations whose 2020 extensions run out on Oct. 15, 2021.

In addition, penalties on payroll and excise tax deposits due on or after Aug. 26 and before Sept. 10, will be abated as long as the deposits are made by Sept. 10, 2021.

The IRS disaster relief page has details on other returns, payments and tax-related actions qualifying for the additional time.

The IRS automatically provides filing and penalty relief to any taxpayer with an IRS address of record located in the disaster area. Therefore, taxpayers do not need to contact the agency to get this relief. However, if an affected taxpayer receives a late filing or late payment penalty notice from the IRS that has an original or extended filing, payment or deposit due date falling within the postponement period, the taxpayer should call the number on the notice to have the penalty abated.

In addition, the IRS will work with any taxpayer who lives outside the disaster area but whose records necessary to meet a deadline occurring during the postponement period are located in the affected area. Taxpayers qualifying for relief who live outside the disaster area need to contact the IRS at 866-562-5227. This also includes workers assisting the relief activities who are affiliated with a recognized government or philanthropic organization.

Individuals and businesses in a federally declared disaster area who suffered uninsured or unreimbursed disaster-related losses can choose to claim them on either the return for the year the loss occurred (in this instance, the 2021 return normally filed next year), or the return for the prior year (2020). Be sure to write the FEMA declaration number – 4611 − for Hurricane Ida in Louisiana on any return claiming a loss. See Publication 547 for details.

The tax relief is part of a coordinated federal response to the damage caused by Hurricane Ida and is based on local damage assessments by FEMA. For information on disaster recovery, visit DisasterAssistance.gov.

Filed Under: Uncategorized

How am I qualified to support you or become part of your business team?

I began practicing in 2001 after having worked in local and regional public accounting firms in New Jersey, specializing in small business and individual taxation. After graduating summa cum laude from Georgian Court University in 1998 with a Bachelors degree in Accounting, I went on to earn an MBA from Georgian Court in 2003 and also became a Certified Public Accountant. 

I have earned many awards and accolades throughout my academic career, graduating at the top of my class, and am currently an active member of the American Institute of Certified Public Accountants as well as the New Jersey Society of Certified Public Accountants.

Please contact me for more information on how I can help you come up with new and creative ideas to minimize your taxes and help grow your business. I look forward to speaking with you soon and earning your trust.

Leave a Reply Cancel reply

You must be logged in to post a comment.

How I can help you or your organization

 

1CPA3logos

 

 

 

Home | About | Services |Resources | Portal | Contact

  • Facebook
  • LinkedIn
  • Twitter

Copyright © 2023 · Lynn Paslowski CPA