IRS announces tax relief for taxpayers in Oklahoma affected by severe weather

Type
:
Obligation
Tax Area
:
Individual Income Tax
Status
:
Guidance
Qualification
:
Various
Implemented date
:
NA
Country
:
Oklahoma
Date added
6 May
,
2024
Docxster’s Summary

The IRS has announced tax relief for taxpayers affected by severe weather in Oklahoma. The relief includes extended deadlines for filing and paying taxes, as well as penalty abatements for certain tax-related actions. Taxpayers in the affected areas should review the IRS announcement to determine if they are eligible for relief.

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The IRS today announced tax relief for individuals and businesses in Oklahoma affected by severe storms, straight-line winds, tornadoes, and flooding that began on April 25, 2024. Taxpayers in the affected areas now have until September 3, 2024, to file federal individual and business tax returns and make tax payments.

According to the IRS release—OK-2024-01 (May 6, 2024)—the relief applies to those in Carter, Hughes, Love, and Murray counties, following a disaster declaration by the Federal Emergency Management Agency (FEMA) that permits the IRS to postpone certain tax-filing and tax-payment deadlines for taxpayers in the disaster area.

Certain deadlines falling on or after April 25 and before September 3, 2024, are granted additional time to file through September 3, 2024. As a result, affected individuals and businesses will have until September 3, 2024, to file returns and pay any taxes that were originally due during this period. This includes:

  • The quarterly estimated tax payment due on June 17, 2024
  • The quarterly payroll and excise tax returns due on May 1 and July 31, 2024

Penalties on payroll and excise tax deposits due between April 25 and May 10, 2024, will be abated if the deposits are made by May 10, 2024.

If taxpayers receive a late filing or payment penalty notice from the IRS that falls within the postponement period, they may contact the IRS to have the penalty abated. The IRS will automatically apply filing and payment relief to taxpayers in the disaster area. Those outside the disaster area who are affected should call the IRS disaster hotline to request relief. 

 

 

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Source :
KPMG
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