IRS provides tax relief for taxpayers affected by winter storms in Oklahoma
IRS provides tax relief for taxpayers, winter storms
The IRS today announced that taxpayers in Oklahoma affected by winter storms that began February 8, 2021, now have until June 15, 2021, to file various individual and business tax returns and make tax payments.
The IRS release—OK-2021-01 (February 25, 2021)—explains that after the Federal Emergency Management Agency issued a disaster declaration, the IRS announced tax relief for individuals and businesses affected by the severe winter storms in all 77 counties in Oklahoma. 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. The relief includes:
- Certain deadlines falling on or after February 8, 2021, and before June 15, 2021, are postponed through June 15, 2021. This includes individual and business returns for 2020 that are normally due on April 15, 2021, as well as various 2020 business returns due on March 15.
- Taxpayers also have until June 15, 2021, to make 2020 IRA contributions.
- The June 15, 2021 deadline applies to:
- The first quarter estimated tax payment due on April 15, 2021
- The quarterly payroll and excise tax returns normally due on April 30, 2021
- Tax-exempt organizations, operating on a calendar-year basis, that have a 2020 return due on May 17, 2021.
In addition, penalties on deposits due on or after February 8, 2021, and before February 23, 2021, will be abated as long as the tax deposits were made by February 23, 2021. 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 IRS release directs taxpayers to call the telephone number on the notice to have the IRS abate the penalty.
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