By Sahar Chmais
The Internal Revenue Service (IRS) is giving Texans an extension to file various individual and business tax returns and payment until June 15, due to winter storm Uri.
Those affected by the storm, whether they are business owners or Texas residents, qualify for tax relief, according to the IRS. The IRS will allow residents to postpone certain tax-filing and tax-payment deadlines for all 254 counties. Certain deadlines, falling on or after Feb. 11 and before June 15, have been postponed through June 15.
The declaration includes various 2020 business tax returns due on March 15 and business returns due on April 15. Taxpayers also have until June 15 to make 2020 IRA contributions.
The June 15 deadline applies to the fourth quarter estimated tax payment due on April 15. It also applies to the quarterly payroll and excise tax returns normally due on April 30.
Tax-exempt organizations, operating on a calendar-year basis that have a return due on May 17 will also receive the extension. Penalties on deposits due on or after Feb. 11 and before Feb. 26 will be abated as long as the tax deposits were made by Feb. 26.
The IRS will automatically identify who is covered in the disaster area and will apply filing and payment relief. If a taxpayer received a late filing or late payment penalty notice from the IRS that has an original or extended filing, payment or deposit due date that falls within the postponement period, call the phone number on the notice to abate the penalty.
For more information, visit www.irs.gov.
