Impacted By Hurricane Ian? Here Are 4 Ways The IRS Can Offer Tax Relief

Hurricane Ian has been wreaking havoc on Florida (and other countries along the way) for the past few weeks. However, it’s not the only thing that crept up on Americans — the tax extension deadline is October 17th! Here’s 4 ways the IRS is offering Hurricane Ian tax relief.

When natural disasters strike, the IRS takes steps to offer the victims tax relief. In this article, we’ll summarize how the IRS can assist you and what options are on the table.

The Impact of Hurricane Ian

Hurricane Ian is the deadliest hurricane to hit Florida in almost 100 years. It was a Category 4 hurricane and it caused an estimated 67 billion dollars in damages.

Millions of people were left without electricity and power. Many schools and universities closed down and on September 24th, President Biden approved the state’s declaration of emergency and a public health emergency.

What Is The IRS Doing To Help Alleviate Tax Strain?

The IRS recognizes that Hurricane Ian puts many taxpayers in the southeastern U.S. in a difficult financial position, so, as of October 7th, here is what the IRS is doing to help:

Extended Tax Return Deadline: Victims of Hurricane Ian have until February 15, 2023, to file their tax returns and catch up on tax payments.

This postponed tax deadline has two requirements that must be met: residents (outside of Florida) must be located within Federal Emergency Management Agency (FEMA) relief zones.

The original tax return due date must have been on or after September 23rd, 2022.

Updated FEMA Status: Every citizen in Florida will automatically be granted this extended tax deadline. If you live outside the FEMA area but need an extension, the IRS is willing to work with you.

Extended Penalty Deadline: Penalties will not accumulate as long as all payments are made by October 11th, 2022. Those with a zip code in the disaster areas won’t have to lift a finger — their extension will automatically update.

Note that only the 2021 tax return deadline will be extended. The 2021 tax payment deadline will not be extended, as its original deadline (April 18th) is before September 23rd.

Ability To Claim Damages: Those located in the disaster area who endured uninsured or unreimbursed damages related to Hurricane Ian can claim it on their 2021 or 2022 tax return.

Make sure to include the FEMA declaration number “DR-4673-F” on any tax return claiming a loss.

Hurricane Ian has impacted tax relief for millions of Americans, so don’t be wary of asking for the assistance you need.

How To Get Tax Relief From The IRS

If you live in Florida or live in the FEMA disaster zone, you will automatically receive a tax extension.

If you don’t qualify for an automatic extension, but need one due to Hurricane Ian, you can call the IRS. In times like these, the IRS is more willing to offer flexibility and assistance.

The Takeaway

If you don’t know where you stand financially, check out TaxRise’s free tax consultation. From this quick call, you’ll be able to determine if you qualify for our services and which tax relief program will work best for your unique situation.

TaxRise has helped thousands of taxpayers just like you resolve their tax issues and erase their tax liability. Now it’s your turn.