The Internal Revenue Service has recently announced additional relief for Hurricane Ian victims across North Carolina and South Carolina. The tax relief postpones several tax filing and payment deadlines in North and South Carolina, as outlined below:
- Individuals and businesses located anywhere in the Carolinas will now have until February 15, 2023 to file returns, provided they had a valid extension to file their 2021 return.
- Individuals and businesses will have until February 15, 2022 to pay taxes that were originally due on September 25, 2022 in South Carolina and September 28, 2022 in North Carolina (the full list of eligible areas is available on the disaster relief page on IRS.gov website.)
- The extended deadline of February 15, 2023 also applies to quarterly estimated income tax payments that were due on January 17, 2023, and the quarterly payroll and excise tax returns that were due on October 31, 2022 and January 31, 2023.
- Those individuals and businesses who suffered uninsured or unreimbursed disaster-related losses, and are located in a federally declared disaster area, can choose to claim these losses on their return for 2022 or the return for the prior year (2021).
- Importantly, the FEMA declaration number DR-3586-EM-NC for North Carolina or DR-3585-EM-SC for South Carolina should be on any return claiming a loss.
The IRS is also assisting taxpayers who live outside the disaster areas, but whose records necessary to meet a deadline are located within disaster areas, and can be reached at 866-562-5227.
The IRS disaster relief webpage has additional information and details on qualifications and deadlines. Additionally, a financial planner or CPA may provide additional guidance on deadlines and tax issues relating to the extended relief.
Author: Hunt Harris
Articles have been Reprinted with permission from Black, Slaughter, Black.
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