IRS provides tax relief for taxpayers in Illinois affected by storms
Tax relief for taxpayers affected by severe storms and flooding that began on June 29, 2023
Tax relief for taxpayers affected by severe storms that began on June 29, 2023
The IRS today announced that taxpayers in parts of Illinois affected by severe storms and flooding that began on June 29, 2023, now have until October 31, 2023, to file various individual and business tax returns and make tax payments.
According to the IRS release—IL-2023-06 (August 16, 2023)—following the disaster declaration issued by the Federal Emergency Management Agency (FEMA), individuals and households that reside or have a business in Cook County qualify for tax relief.
The declaration permits 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 October 31, 2023, to file returns and pay any taxes that were originally due between June 29, 2023, and October 31, 2023. This includes 2022 individual income tax returns due on October 16, 2023. However, because tax payments related to such 2022 returns were due on April 18, 2023, those payments are not eligible for relief.
The October 31, 2023 deadline also applies to (1) quarterly estimated tax payments, normally due on September 15, 2023; and (2) businesses with an original or extended due date including, including calendar-year partnerships and S corporations with 2022 extensions that run out on September 15, 2023, and calendar-year corporations with 2022 extensions that run out on October 16, 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.
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.
Affected taxpayers who reside or have a business located outside the covered disaster area can call the IRS disaster hotline to request the tax relief.
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