As a result of Hurricane Ian impacting several areas of Florida, the IRS announced tax relief in the form of an extension to file various returns and make certain tax payments. The relief applies to individuals who reside in, or have businesses that are located anywhere in, the state of Florida. As a result, certain deadlines falling on or after September 23, 2022, and before February 15, 2023, are postponed until February 15, 2023.

The IRS will automatically provide for filing and penalty relief for any taxpayer with an address located within the state of Florida. Any individuals or corporate taxpayers who had valid extensions to file their 2021 tax returns on October 17, 2022 will now have until February 15, 2023 to file. The relief also applies to quarterly estimated tax payments that would have been due on January 17, 2023, and to quarterly federal payroll and excise tax returns that would have been due on October 31, 2022 and January 31, 2023. These will all now be due on February 15, 2023. Penalties on payroll and excise tax deposits due on or after September 23, 2022, and before October 10, 2022, will be abated as long as the tax deposits are made by October 10, 2022.

Please be advised that tax payments on extended returns due on April 18, 2022 will still continue to accrue interest, and late payment penalties as such amounts were due on April 18, 2022.

If you have any additional questions, please reach out to your Citrin Cooperman advisor or Josh Rader at jrader@citrincooperman.com.