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IRS offers tax relief, taxpayers affected by tornadoes in Tennessee

IRS offers tax relief, taxpayers affected by tornadoes

The IRS today announced extended due dates and other tax relief measures for taxpayers affected by tornadoes and severe storms in parts of Tennessee.

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According to the IRS release—IR-2020-51—individual and business taxpayers will have until July 15, 2020, to file certain tax returns and to make tax payments. The tax relief is available for taxpayers in any area designated by the Federal Emergency Management Agency as qualifying for individual assistance. Currently, this list includes Davidson, Putnam, and Wilson counties.

The tax relief postpones various tax filing and payment deadlines beginning March 3, 2020. This includes:

  • The 2019 individual and business returns typically due on April 15 are extended to July 15, 2020.
  • Various 2019 business returns that would be due on March 15 are extended to July 15, 2020.
  • Affected taxpayers will have until July 15 to make 2019 individual retirement account (IRA) contributions.
  • The July 15 deadline also applies to quarterly estimated income tax payments due on April 15 and June 15 and quarterly payroll and excise tax returns normally due on April 30.
  • Tax-exempt organizations, operating on a calendar-year basis, that have a 2019 return due on May 15 now have until July 15, 2020.    

In addition, penalties on payroll and excise tax deposits due on or after March 3 and before March 18 will be abated as long as the deposits are made by March 18.

Read a related IRS release—TN-2020-01 (March 6, 2020)

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