The Internal Revenue Service announced that victims of Oregon wildfires and straight-line winds that began September 7 now have until January 15, 2021, to file various individual and business tax returns and make tax payments.
Following the recent disaster declaration for individual assistance issued by the Federal Emergency Management Agency, the IRS announced today that affected taxpayers in certain areas will receive tax relief.
Individuals and households who reside or have a business in Clackamas, Douglas, Jackson, Klamath, Lane, Lincoln, Linn and Marion counties qualify for tax relief. Taxpayers in localities added later to the disaster area will automatically receive the same filing and payment relief.
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 September 7, 2020, and before January 15, 2021, are postponed through January 15, 2021. This includes individual and business tax filers that had a valid extension to file their 2019 return due to run out on October 15, 2020.
The January 15, 2021 deadline applies to the third quarter estimated tax payment due on September 15, 2020. It also applies to the quarterly payroll and excise tax returns normally due on November 2, 2020. In addition, it applies to tax-exempt organizations, operating on a calendar-year basis, that had a valid extension due to run out on Nov. 16, 2020. In addition, penalties on deposits due on or after September 7, 2020 and before September 22, 2020, will be abated as long as the tax deposits were made by September 22, 2020.
The full news release for victims of wildfires and straight-line winds from IRS.gov can be found here.
We will be available any time with questions about the above information or any other matters. We wish all of you the very best in a difficult time.
WICKS EMMETT LLP
Certified Public Accountants