IRS relief, Mississippi taxpayers affected by December 2015 storms

IRS relief, Mississippi taxpayers affected by storms

The IRS today issued a release announcing that Mississippi individual and business taxpayers affected by the storms and that have various tax filing and payment deadlines that occurred starting on December 23, 2015, will have until May 16, 2016, to file their returns and pay any taxes due. This also includes individual income tax returns (this year, due April 18).

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The IRS release—IR-2016-2 [PDF 53 KB]—states that persons assisting with storm-relief activities and affiliated with a recognized government or philanthropic organization also may qualify for relief.

Tax relief

The Federal Emergency Management Agency (FEMA) this week issued a disaster declaration for individual assistance. Following this, the IRS today announced that tax relief is being made available to taxpayers affected by the storms in the following counties in Mississippi: Benton, Coahoma, Marshall, Quitman, and Tippah.

Other locations may be added, based on damage assessments by FEMA.

This tax relief postpones various tax filing and payment deadlines that occurred starting on December 23, 2015, and affords qualifying individual and business taxpayers until May 16, 2016, to file their returns and pay any taxes due. This relief also applies to:

  • Individual income tax returns due April 18, 2016
  • January 15 and April 18 deadlines for making quarterly estimated tax payments
  • A variety of business tax deadlines including the February 1 and May 2 deadlines for quarterly payroll and excise tax returns and the special March 1 deadline for farmers and fishermen who choose to forgo making estimated tax payments

Penalties waived, other relief

The IRS announced late-deposit penalties will be waived for federal payroll and excise tax deposits normally due on or after December 23 and before January 7 if the deposits are made by January 7, 2016.

The tax relief will automatically be provided to any taxpayer with an IRS address of record located in the disaster area. The IRS release states that taxpayers need not contact the IRS to obtain relief. However, taxpayers who live outside the disaster area but whose records necessary to meet a deadline occurring during the postponement period are located in the affected area can contact the IRS about qualifying for relief.

Finally, the IRS release includes a reminder that taxpayers who incurred uninsured or unreimbursed disaster-related losses may claim them on either last year’s or this year’s return. 

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