Hurricane Ian Victims Get Federal Tax Relief From The IRS

TL;DR: The Internal Revenue Service announced on Thursday, September 29 that the deadline for filing individual and business tax forms and making tax payments for Hurricane Ian victims has been extended to February 15, 2023. This guide explains who qualifies, the rules that apply, and how to apply them to your situation.

The Internal Revenue Service announced on Thursday, September 29 that the deadline for filing individual and business tax forms and making tax payments for Hurricane Ian victims has been extended to February 15, 2023. Any taxpayer within the recent disaster location issued by the Federal Emergency Management Agency (FEMA) will receive tax relief.

Florida Residents Qualify For Disaster Tax Relief

Individuals and households affected by Hurricane Ian that reside or have a business anywhere in the state of Florida that FEMA issued to qualify for tax relief. Florida homeowners and renters in Charlotte, Collier, DeSoto, Hardee, Hillsborough, Lee, Manatee, Pinellas, and Sarasota counties who were affected by Hurricane Ian may apply for FEMA disaster assistance.

How Do I Apply For FEMA Disaster Tax Relief?

When Florida taxpayers apply for FEMA disaster assistance whether they choose to do it by calling the designated phone number of (800) 621-3362 from 7 AM-11 PM Eastern Time, applying online, or by the FEMA Mobile App, they need to have the following information ready:

• A current phone number where you can be contacted
• Your address at the time of the disaster and the address where you are now staying
• Your Social Security number
• A general list of damage and losses
• Banking information if you choose direct deposit
• If insured, the policy number or the agent and/or the company name

It’s suggested to take photos of the damages before you begin to clean up, gather, and salvage your belongings to prevent even further damage. Keep receipts from all purchases related to the repair as documentation.

I’m Not In The Covered Disaster Area That FEMA Issued

In cases where the taxpayer is not within the vicinity of the disaster area in Florida, the IRS disaster hotline (866) 562-5227 would be the best number to reach to request this Hurricane Ian Disaster Relief.

Usually, if you receive a late filing or late payment penalty notice from the IRS that has an original or extended filing, any payment or deposit that’s due within the postponement period, the taxpayer should be able to call the number provided on the notice to the IRS to abate the penalty.

Deadlines Have Been Extended For Florida Taxpayers

There are certain deadlines that fall on or after September 23, 2022, and before February 15, 2023, that Florida taxpayers need to meet, but the deadlines are now postponed through February 15, 2023. This means, individuals who had a valid extension to file their 2021 return due on or before October 17, 2022, will have until February 15, 2023, to file. However, the IRS pointed out that since the tax payments for the 2021 returns were due on April 18, 2022, those payments are not subject to this disaster tax relief.

Quarterly Estimated Tax Payments

The February 15, 2023 deadline applies to the quarterly estimated tax payments that were normally due on January 17, 2023.

Quarterly Payroll and Excise Taxes

The February 15, 2023 deadline also applies to the quarterly payroll and excise tax returns normally due on October 31, 2022, and January 31, 2023. However, businesses with an extended due date or with an original due date have until February 15, 2023, to file and pay. If Florida taxpayers make their tax deposits on or after September 23, 2022, before October 10, 2022, the penalties will be abated.

Overview

Florida residents have extra time to file returns and pay tax payments but if they don’t take advantage of the extended deadline given by the IRS, penalties, and interests will accrue normally as if you’ve missed a normal deadline. No taxpayer in their right mind wants to owe money to the IRS especially if it becomes a struggle to pay off. It is very important for taxpayers to remain tax compliant because it will save you interest and penalties on the current year and prevent you from a continuous circle of always owing tax.

The IRS Fresh Start Program consists of 4 main programs that are accessible to taxpayers who owe much more than they can reasonably afford to pay. The four major programs are as follows: Currently Not Collectible (CNC), Offer In Compromise (OIC), Installment Agreement (IA), and Penalty Abatement (PA). These relief programs allow qualified taxpayers the option to reduce or even eliminate their tax liabilities. These tax experts will help you qualify for the program and help you figure out which options will give you the most suitable outcome.