September 13, 2021
On Friday, September 10, 2021, the IRS announced it will provide tax relief for North Carolina victims of Tropical Storm Fred. The relief allows for the postponement of certain tax-filing and tax-payment deadlines for taxpayers in certain counties. Remnants of Tropical Storm Fred devastated parts of WNC on August 17, 2021, prompting a federal disaster declaration, and in turn, Friday’s IRS announcement.
According to the IRS announcement, affected taxpayers are individuals who live in and own businesses in Avery, Buncombe, Haywood, Madison, Transylvania, Watauga and Yancey counties. Businesses (including tax-exempt organizations) with a principal place of business located in these counties are also considered affected taxpayers. Relief is also provided to taxpayers who are not located in the covered disaster area but who have records within the covered disaster area necessary to meet their tax obligations.
Affected taxpayers have until December 15, 2021 to file most tax returns with an original or extended due date occurring on or after August 16, 2021, and before December 15, 2021. This includes individual, corporate, trust, pass-through (partnership and S corporation) and tax-exempt organization tax returns, as well as many payroll and other filings.
Affected taxpayers’ estimated income tax obligations and quarterly payroll filings originally due on or after August 16, 2021, and before December 15, 2021, are now due on or before December 15, 2021, with no penalties or interest.
Despite this relief, tax payments that were due before August 16 and were not paid timely are nevertheless past due, and therefore are not eligible for this relief.
Note: the North Carolina Department of Revenue (NCDOR) has not yet made a similar announcement.
Affected taxpayers do not need to file additional forms for this tax relief and are encouraged to call the IRS should they erroneously receive a late payment or filing notice.
Click here for more information on this relief.
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