IRS Further Extends and Expands Hurricane Ida Relief

On December 23, 2021, the Internal Revenue Service (IRS) issued an announcement extending its previously announced Hurricane Ida tax relief due date. Victims of Hurricane Ida now have until February 15, 2022, extended from January 3, to file tax returns and make tax payments.

This announcement indicates that individual estimated taxes for the third and fourth quarters of 2021, which had original due dates of September 15, 2021 and January 15, 2022, do not need to be paid. They can be paid by April 15, 2022, with your tax return or extension.

It also further extends the due date for filing individual, partnership, corporation, and tax-exempt entity returns, as well as quarterly payroll tax returns, which were due during the extended period.

It should be noted that the announcement does not indicate that any extension is provided for filing of Forms W-2 and 1099. In addition, states have not yet indicated that they will follow this extension.

The affected areas, as provided in the original announcements, are the entire states of Louisiana and Mississippi, as well as parts of Pennsylvania, New York, New Jersey, and Connecticut.

An affected taxpayer includes individuals who live in, and businesses and tax-exempt organizations whose principal place of business are located in, one of the affected areas.

As was the case in the original announcement, filing and penalty relief will automatically be provided to any taxpayer with an IRS address of record in any of these disaster areas.

Please reach out to a member of your Citrin Cooperman advisory team if you have any questions. We wish you all a safe and happy holiday season.