Tax Relief for New York Storm Victims: Extended Deadlines to May 15, 2023
The Internal Revenue Service (IRS) has announced that victims of the December 2022 winter storms in New York now have until May 15, 2023, to file various federal individual and business tax returns and make tax payments. The extension applies to residents and businesses in the Federal Emergency Management Agency (FEMA)-designated areas of Erie, Genesee, Niagara, St. Lawrence, and Suffolk counties, according to the IRS announcement (IR-2023-58).
The tax relief postpones tax filing and payment deadlines that began on December 23, 2022. This includes the 2022 individual income tax returns, initially due on April 18, and various 2022 business returns due on March 15 and April 18. The extension also covers 2022 contributions to individual retirement accounts (IRAs) and health savings accounts (HSAs).
Farmers who usually file returns by March 1 without making estimated tax payments will have until May 15, 2023, to file their 2022 returns and pay any taxes due. Additionally, the May 15 deadline applies to quarterly estimated tax payments, typically due on January 17 and April 18, and quarterly payroll and excise tax returns, normally due on January 31 and April 30.
The IRS automatically grants filing and penalty relief to taxpayers with an IRS address of record in the affected disaster area. If a taxpayer receives a late filing or late payment penalty notice with an original or extended deadline falling within the postponement period, they should call the number on the notice to have the penalty abated.
Taxpayers requiring more time to file beyond May 15 are encouraged to request an extension electronically before the original April 18 deadline using IRS Free File or IRS Direct Pay on IRS.gov. For more information, visit the disaster relief page on IRS.gov or reference the IRS announcement (IR-2023-56).
***Disclaimer: This communication is not intended as tax advice, and no tax accountant -client relationship results**