The Internal Revenue Service has given those who were affected by the recent severe storms and flooding in Missouri additional time to submit certain individual and corporate tax returns as well as make tax payments.
In particular, those people who were affected by the storms and flooding that started on July 25, 2022, have until November 15, 2022, to file their tax returns and make any payments that were due between July 25 and November 14.
Anyone living in a region that has been identified as eligible for individual assistance by the Federal Emergency Management Agency (FEMA) is eligible to apply for the tax reduction.
At this time, the only impacted taxpayers who are eligible for the extensions are those who live or own a business in the Independent City of St. Louis as well as in Montgomery, St. Charles, or St. Louis County in Missouri.
On the other hand, the Internal Revenue Service (IRS) is going to provide the same relief to taxpayers who live in other locations that FEMA has designated in the future.
Taxpayers in Missouri who were impacted by the natural disasters will not be required to pay any fees to get copies of previously filed tax returns from the Internal Revenue Service.
The phrase “Missouri Severe Storms and Flooding” should be written in strong capital at the top of Form 4506 (copy of return) or Form 4506-T (transcript), which should then be sent to the Internal Revenue Service (IRS).
The Internal Revenue Service will also engage with other individuals who live outside of the affected area but whose tax records are located in the affected area.
If you are in this circumstance, you need to contact the Internal Revenue Service at the number 866-562-5227.
Anyone who was visiting the area at the time of the disaster and was killed or injured as a result of the disaster is included in this category as well as relief workers affiliated with a recognized government or charitable organization.
As a result of the storms and flooding in Missouri, several important dates have been extended, including the deadline for filing individual income tax returns for the year 2021, which was originally set for October 17, 2022.
However, the extension does not apply to payments for income taxes for the year 2021 that was due on April 18, 2022.
Additionally, the original or extended filing and payment deadlines for businesses’ income taxes that fall within the affected period have been extended. These businesses now have additional time to file and pay their taxes.
This includes extensions for the 2021 tax year held by partnerships and S companies that are set to expire on September 15, as well as extensions held by corporations that are set to expire on October 17.
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The deadline for making payments of estimated taxes quarterly, which was originally set for September 15, 2022, has been moved to November 15.
The original due dates for quarterly payroll and excise tax returns, which are August 1 and October 31, respectively, have been moved to November 15.
In addition, late fees for payroll and excise tax deposits that are due between July 25 and August 8 will not be assessed as long as the contributions are made by August 9, 2022.
