The Internal Revenue Service on Wednesday announced tax relief for taxpayers affected by the severe winter storm last month.
Victims of the winter storm that occurred from February 11-19, 2021, now have until June 15, 2021, to file various individual and business tax returns and make tax payments. Affected taxpayers in all 64 parishes will receive tax relief, which includes individuals and households affected by the winter weather that reside or a have a business in any of these parishes.
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. For instance, certain deadlines falling on or after Feb. 11, 2021, and before June 15, 2021 are postponed through June 15, 2021. This includes 2020 business returns, normally due on March 15 and individual and business returns normally due on April 15. It also includes the special March 1 filing and payment deadline for farmers and fishers who forgo making estimated tax payments. Taxpayers also have until June 15 to make 2020 IRA contributions.
Affected taxpayers in a federally declared disaster area have the option of claiming disaster-related casualty losses on their federal income tax return for either the year in which the event occurred or the prior year.
Taxpayers claiming the disaster loss on a 2020 return should put the Disaster Designation, "Louisiana - Severe Winter Storms" in bold letters at the top of the form. Also include the disaster declaration number, FEMA 4590, on any return.
For more details on the tax relief, click here.
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