Hurricane Ian Victims In North And South Carolina Automatically Qualify For Tax Relief

The IRS announced on October 5, 2022, that Hurricane Ian victims located all throughout North and South Carolina have until February 15, 2023, to file for all types of federal individual and business tax returns and to make their tax payments, very similar to the Hurricane Ian victims in Florida announcement just the previous week.

Tax Relief In Designated FEMA-Approved Locations

Individuals and households affected by Hurricane Ian that are located in these designated FEMA counties in North Carolina are entitled to tax relief.

Individuals and households affected by Hurricane Ian that are located in these designated FEMA counties in South Carolina are entitled to tax relief.

February 15, 2023 Deadlines

The tax relief postpones various tax filings and payment deadlines that were set to begin on September 25, 2022, in South Carolina and September 28, 2022, in North Carolina. As a result, affected residents from the two states either individuals or corporations will have until February 15, 2023, to file returns and pay any taxes owed during this period. Any tax extension filers who have a valid extension to file their 2021 tax return which was set to expire on October 17, 2022, will now have until February 15, 2023, to file. However, because the tax payments for these 2021 forms are due on April 18, 2022, they’re not eligible for the relief.

Penalties On Payroll And Excise Tax Deposits

In South Carolina, penalties on payroll and excise tax deposits due on or after September 28, 2022, but before October 13, 2022, will be abated as long as the tax deposits are made by October 13, 2022.

In North Carolina, penalties on payroll and excise tax deposits due on or after September 25, 2022, but before October 11, 2022, will be abated as long as the tax deposits are made by October 11, 2022.

Overview

North Carolina and South Carolina 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.