IRS announces tax relief for victims of severe storms and flooding in parts of Illinois | Top Stories

(WAND) – Victims of severe storms and flooding in parts of Illinois that began on June 29, 2023, now have until Oct. 31, 2023, to file individual and business tax returns and make tax payments, the Internal Revenue Service announced Tuesday.

Following the disaster declaration issued by the Federal Emergency Management Agency, individuals and households affected by severe storms and flooding that reside or have a business in Christian, Clark, Coles, Cook, Cumberland, DeWitt, Douglas, Edgar, Hancock, Macon, McDonough, Monroe, Morgan, Moultrie, Pike, Sangamon, Scott, Vermilion, Warren, and Washington Counties qualify for tax relief.

The declaration allows the IRS to postpone certain tax-filing and tax-payment deadlines for taxpayers who reside or have a business in the disaster area.

Affected individuals and businesses will have until Oct. 31, 2023, to file returns and pay any taxes that were originally due during this period. This includes 2022 individual income tax returns due on Oct. 16, 2023. The IRS did say that tax payments related to these 2022 returns that were due on April 18, 2023, are not eligible for this relief.

The Oct. 31, 2023, deadline also applies to the quarterly estimated tax payment, normally due on Sept. 15, 2023. In addition, penalties on payroll and excise tax deposits due on or after June 29, 2023, and before July 14, 2023, will be abated as long as the tax deposits were made by July 14, 2023.

Businesses with an original or extended due date including, among others, calendar-year partnerships and S corporations whose 2022 extensions run out on Sept. 15, 2023, and calendar-year corporations whose 2022 extensions run out on Oct. 16, 2023, also qualify for the Oct. 31, 2023, deadline.

If an affected taxpayer receives a late filing or late payment penalty notice from the IRS that has an original or extended filing, payment or deposit due date that falls within the postponement period, the taxpayer should call the telephone number on the notice to have the IRS abate the penalty.

The IRS automatically identifies taxpayers located in the covered disaster area and applies filing and payment relief. But affected taxpayers who reside or have a business located outside the covered disaster area should call the IRS disaster hotline at 866-562-5227 to request this tax relief.

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