IRS provides tax relief for taxpayers affected by water crisis (Mississippi)
The tax relief is provided after a recent disaster declaration issued by FEMA.
The tax relief is provided after a recent disaster declaration issued by FEMA.
The IRS today announced that taxpayers in Mississippi affected by the water crisis beginning August 30, 2022, now have until February 15, 2023, to file various individual and business tax returns and make tax payments.
According to the IRS release—MS-2022-01 (September 2, 2022)— the tax relief is provided after a recent disaster declaration issued by the Federal Emergency Management Agency (FEMA).
Individuals and households affected by the water crisis that reside or have a business in Hinds County qualify for the following tax relief.
- Certain deadlines falling on or after August 30, 2022, and before February 15, 2023, are postponed through February 15, 2023.
- Individuals who had a valid extension to file their 2021 return due to run out on October 17, 2022, will now have until February 15, 2023, to file. However, tax payments related to these 2021 returns were due on April 18, 2022, and thus are not eligible for this relief.
- The February 15, 2023 deadline also applies to the quarterly estimated tax payment, normally due on September 15, 2022, and January 15, 2023, and the quarterly payroll and excise tax returns, normally due on October 31, 2022, and January 31, 2023.
- Businesses with an original or extended due date also have the additional time including, among others, calendar year partnerships and S corporations whose 2021 extensions run out on September 15, 2022, and calendar-year corporations whose 2021 extensions run out on October 17, 2022.
- Penalties on payroll and excise tax deposits due on or after August 30, 2022, and before September 14, 2022, will be abated as long as the tax deposits are made by September 14, 2022.
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.
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