Texans Given Tax Filing Extensions Following Winter Storm
Following the winter storm event that lasted around a week in Texas, the IRS announced that Texans now have until June 15th, 2021 to file individual and business tax returns.
Taxpayers in other states impacted by the winter storms that received similar Federal Emergency Management Agency disaster declarations will receive the same filing and payment relief.
This tax relief postpones tax filing and payment deadlines that started on February 11th, so affected individuals and businesses have until June 15th to file returns and pay taxes that were originally due during this period. This includes 2020 individual and business returns that were normally due on April 15th as well as various other 2020 business returns that were due originally on March 15th.
Penalties on payroll and excise tax deposits due on or after February 11th and before February 26th will now be abated as long as these deposits are made by February 26th.
People or businesses in a federally declared disaster declared area that suffered uninsured or unreimbursed disaster-related losses can choose to claim them on either their return for the year the loss happened or the return for the prior year. This means that taxpayers can claim these losses on the 2020 return they are filling out for this tax season.
If you're claiming a loss, remember to write the FEMA declaration number (4586) on any return claiming a loss.