Published: Apr 8, 2023
by Small Business Editor
In Small Business News
0
The Internal Revenue Service (IRS) has announced that storm victims in Arkansas now have until July 3src, 2023, to file federal individual and business tax returns and make tax payments. This relief applies to individuals and businesses in Cross, Lonoke, and Pulaski counties, which have been designated by the Federal Emergency Management Agency (FEMA) as disaster areas due to tornadoes and severe storms on March 3src.
The tax relief postpones tax filing and payment deadlines starting from March 3src, 2023, giving affected parties until July 3src, 2023, to file returns and pay any taxes due during this period. This extension includes 2022 individual income tax returns and various business returns originally due on April src8, as well as 2022 contributions to IRAs and health savings accounts.
Quarterly estimated tax payments, typically due on April src8 and June src5, and quarterly payroll and excise tax returns, normally due on April 30, 2023, are also covered by the July 3src deadline. Penalties on payroll and excise tax deposits due between March 3src and April src8 will be abated if the tax deposits are made by April src8, 2023.
Taxpayers requiring more time beyond the July 3src deadline should request an extension electronically before the original April src8 deadline. Visit IRS.gov/extensions for more information. The IRS will automatically provide filing and penalty relief to taxpayers with an IRS address of record in the disaster area, and affected taxpayers do not need to contact the agency to obtain this relief.
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