IRS provides tax relief for taxpayers in Illinois affected by storms
Taxpayers in Cook County now have until February 15, 2024, to file various individual and business tax returns and make tax payments
Taxpayers in Cook County affected by storms
The IRS announced that taxpayers in parts of Illinois affected by severe storms and flooding now have until February 15, 2024, to file various individual and business tax returns and make tax payments.
According to the IRS release—IL-2023-07 (November 24, 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 February 15, 2024, to file returns and pay any taxes that were originally due between September 17, 2023, and February 15, 2024.
Specifically, the February 15, 2024, deadline will now apply to:
- Individuals who had a valid extension to file their 2022 return that ran out on October 16, 2023. The IRS noted, however, that because tax payments related to these 2022 returns were due on April 18, 2023, those payments are not eligible for this relief.
- Quarterly estimated income tax payments normally due on January 16, 2024.
- Quarterly payroll and excise tax returns normally due on October 31, 2023, and January 31, 2024.
- Calendar-year corporations whose 2022 extensions ran out on October 16, 2023.
- Calendar-year tax-exempt organizations whose extensions ran out on November 15, 2023.
In addition, penalties on payroll and excise tax deposits due on or after September 17, 2023, and before October 2, 2023, will be abated as long as the tax deposits were made by October 2, 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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