IRS providing tax relief for companies in these states

Was your company impacted by any of the recent storms or natural disasters in several states? IRS is offering you some tax relief.

Most recently, the Service announced deadline extensions for companies in Tennessee. Those impacted by the storms, tornadoes and flooding in March and April will have until Aug. 2, 2021, to file various business tax returns and make tax payments.

That extension includes various 2020 returns that would’ve otherwise been due on April 15, 2021. And if your company qualifies for the tax relief, it’ll also have until Aug. 2, 2021 to make 2020 IRA contributions.

Other states with tax relief

In its Tennessee news release, IRS also included a reminder that businesses and individuals in five other states have extra time, too.

Here’s a quick summary of the tax relief, so you can ensure your finance team gets filing and payments done in time:

• Alabama: Companies here hit by the severe storms, straight-line winds and tornadoes in late March have until Aug. 2, 2021, to file and pay. Note that the tax relief only applies to certain areas.
• Kentucky: If you work in this state and were victim to the winter storms in February, you have until June 15, 2021, to file and pay. All 77 counties will receive the extension, according to IRS.
• Louisiana: Were your operations interrupted by the winter storms in February? You have until June 15, 2021 to file and pay, too. This tax relief applies to all 64 parishes.
• Oklahoma: Organizations here that were impacted by winter storms in February will get a tax deadline extension until June 15, 2021. People in all 77 counties can get the extension.
• Texas: If you work in the Lone Star State and encountered winter storms in February, you’ll also have until June 15, 2021, to file and pay. This tax relief applies to all 254 counties.

Note: If you do business in any of the five states mentioned above, you also have until the respective deadline to make 2020 IRA contributions.