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Tax relief for taxpayers affected by Oregon wildfires

Tax relief for taxpayers affected by Oregon wildfires

The IRS today issued a release announcing that certain taxpayers in Oregon that were affected by wildfires and straight-line winds that began September 7, 2020, now have until January 15, 2021, to file individual and business tax returns and to make certain tax payments.

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The IRS release—IR-2020-215—notes that the tax relief is being made available following the disaster declaration issued by the Federal Emergency Management Agency, for taxpayers that reside or have a business in the following counties: Clackamas, Douglas, Jackson, Klamath, Lane, Lincoln, Linn, and Marion.

Taxpayers in localities that are later added to the disaster area will automatically receive the same filing and payment relief.

The tax relief postpones various tax filing and payment deadlines that occurred starting on September 7, 2020. As a result, affected individuals and businesses will have until January 15, 2021, 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 2019 return that will end October 15, 2020, will now have until January 15, 2021, to file their 2019 returns. However, tax payments related to these 2019 returns were due on July 15, 2020, and thus those payments are not eligible for this relief.

The January 15, 2021 deadline also applies to:

  • Quarterly estimated income tax payments due on September 15, 2020, and the quarterly payroll and excise tax returns normally due on November 2, 2020
  • Tax-exempt organizations, operating on a calendar-year basis, that had a valid extension due to run out on November 16, 2020
  • Businesses with extensions such as calendar-year corporations whose 2019 extensions end October 15, 2020

In addition, penalties on payroll and excise tax deposits due on or after September 7 and before September 22, will be abated as long as the deposits are made by September 22, 2020.

The IRS release concludes that if an affected taxpayer with an original or extended filing, payment or deposit due date that falls within the postponement period receives a late-filing or late-payment penalty notice from the IRS, the taxpayer is directed to call the telephone number on the notice to have the IRS abate the penalty.

The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

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