IRS deadline news: Florida, Indiana storm victims have more time, tax-exempt orgs must file soon

IRS is extending tax relief to businesses in Broward County, FL affected by the tornadoes, severe storms and flooding from April 12-14. Federal tax filings and tax payments originally due starting April 12, 2023, have been postponed until August 15, 2023.

Penalties on payroll and excise tax deposits that were due on or after April 12 and before April 27 will be abated as long as the tax deposits were made by April 27, 2023.

There’s also a filing and payment grace period for businesses in the following Indiana counties declared disaster areas by the Federal Emergency Management Agency because of tornadoes, severe storms and straight-line winds that hit March 31-April 1:

• Allen
• Benton
• Clinton
• Grant
• Howard
• Johnson
• Lake
• Monroe
• Morgan
• Owen
• Sullivan, and
• White.

IRS deadlines that began March 31 have been extended until July 31, 2023. Penalties on payroll and excise tax deposits that were due on or after March 31 and before April 18 will be abated as long as the tax deposits were made by April 18, 2023.

The tax relief extensions apply to:

• Any TY 2022 business returns that were due April 18 (Taxpayers get the extra time even if they failed to request an extension by April 18.)
• Quarterly estimated tax payments normally due on April 18 and June 15, and
• Quarterly payroll and excise tax returns normally due on May 1 and July 31.

Employees in these areas are able to make 2022 contributions to their IRAs and health savings accounts through August 15.

You don’t need to contact IRS to get relief. However, if you receive a late filing or late payment penalty notice from IRS that has an original or extended filing, payment or deposit due date that falls within the postponement period, call the number on the notice to have the penalty abated.

Businesses in a federally declared disaster area with uninsured or unreimbursed disaster-related losses can claim them on either the return for the year the loss occurred (the TY 2023 return filed in 2024) or the return for the prior year (the TY 2022 return filed in 2023). Be sure to write the FEMA declaration number 4709-DR on any return claiming a loss.

If you’re located just outside the disaster area, but think you should qualify for relief, call 866-562-5227.

More details are on the IRS disaster relief page.

Tax-exempt? IRS may still need you to file

The annual filing due date for certain returns filed by tax-exempt organizations is normally the 15th day of the fifth month after the end of the organization’s accounting period. So if you operate on a calendar-year basis, the deadline is May 15, 2023. Returns that are due – and can only be filed electronically – include:

• Form 990 Series information returns
• Form 990-N Electronic Notice (e-Postcard) for tax-exempt organizations not required to file Form 990 or Form 990-EZ
• Form 990-T, Exempt Organization Business Income Tax Return (other than certain trusts), and
• Form 4720, Return of Certain Excise Taxes Under Chapters 41 and 42 of the Internal Revenue Code.