Hurricane Ian

We IRS give Florida taxpayers an extension beyond 10/17/22 due to Hurrican Ian?

I just received the IRS notice concerning the extension.

I don't understand your question.

The IRS has provide an extension for certain filing obligations and payments, which includes the 2021 Form 1040 if an extension is in place. However, keep in mind this extension doesn't apply to any payment due with the return as that payment was due April 18th. i.e. FTP and interest will continue to accrue if you postpone filing.

Issue Number: IR-2022-168
Inside This Issue
IRS: Hurricane Ian victims in Florida qualify for tax relief; Oct. 17 deadline, other dates extended to Feb. 15

WASHINGTON — Hurricane Ian victims throughout Florida now have until Feb. 15, 2023, to file various federal individual and business tax returns and make tax payments, the Internal Revenue Service announced today.

The IRS is offering relief to any area designated by the Federal Emergency Management Agency (FEMA). This means that individuals and households that reside or have a business anywhere in the state of Florida qualify for tax relief. The current list of eligible localities is always available on the disaster relief page on IRS.gov.

The tax relief postpones various tax filing and payment deadlines that occurred starting on Sept. 23, 2022. As a result, affected individuals and businesses will have until Feb. 15, 2023, to file returns and pay any taxes that were originally due during this period.

This means individuals who had a valid extension to file their 2021 return due to run out on Oct. 17, 2022, will now have until Feb. 15, 2023, to file. The IRS noted, however, that because tax payments related to these 2021 returns were due on April 18, 2022, those payments are not eligible for this relief.

agree, see IR-2022-168

Only is good for Q3 payroll and Q4 estimates in my book. I wouldn't use it for 1040s unless we're confident that we're in a refund position.

And if we're in a refund position, who wants to delay?

What about deadline for funding 2021 SEP for 1040's under extension?

I asked about this a few years ago: viewtopic.php?f=8&t=10107&hilit=+SEP

thanks Sumwun , I've skimmed the lengthy thread you linked (thank you) and waded into the related and linked Rev Proc 2007-56 several times and still dont feel comfortable with a clear yes/no answer. Seems the answer should be that deadline for funding pensions is also extended but would like to have authority to reference.

ok...fresh reread of Reg 301.7508A-1(c)(1)(iii)
The following acts are included in the postponement of deadline due to a disaster:

(iii) Making contributions to a qualified retirement plan (within the meaning of section 4974(c)) under section 219(f)(3), 404(a)(6), 404(h)(1)(B), or 404(m)(2); making distributions under section 408(d)(4); recharacterizing contributions under section 408A(d)(6); or making a rollover under section 402(c), 403(a)(4), 403(b)(8), or 408(d)(3);

Short answer is "YES"!! The deadline for retirement contributions that would have had to be made by 10-17 has been postponed to 2-15-23..whew

What -- if any -- is the (tax?) significance of the two different FEMA disaster declaration codes: Florida Hurricane Ian (DR-4673) and Florida Tropical Storm Ian (EM-3584)?

What -- if any -- is the (tax?) significance of the two different FEMA disaster declaration codes: Florida Hurricane Ian (DR-4673) and Florida Tropical Storm Ian (EM-3584)?

Nothing. the codes are for FEMA use only. If a disaster is declared, whether tropical storm, hurricane or major hurricane, the effect for tax purposes is exactly the same.

How does a taxpayer/preparer get the relief?

Do you respond to a late filing penalty notice with an explanation?

Relief is automatically applied based on the taxpayer's address. Also, for 1040s, there should be an area to enter the disaster name into the software. This will print on the face of the 1040, top margin, left side and get transmitted with the xml if efiled.