The Internal Revenue Service (IRS) announced that it is extending the due date for certain New York tax returns to May 15, 2023. This extension applies to individuals, businesses and trusts that were impacted by the December 2022 winter storm that caused significant damage and disruptions throughout the state.
The IRS is providing tax relief to those who were impacted by the storm and are located in Erie, Genesee, Niagara, St. Lawrence and Suffolk counties. This extension will give taxpayers additional time to file and pay their taxes without incurring any penalties or interest charges.
This extension applies to certain deadlines falling on or after Dec. 23, 2022, and before May 15, 2023. This includes the April 18 deadline for filing 2022 individual income tax returns, making 2022 IRA contributions and making quarterly estimated tax payments for the first quarter of 2023.
The extension also applies to various 2022 business returns normally due on March 15 and April 18. Additionally, the extension applies to quarterly payroll and excise tax returns.
Individual taxpayers who are unable to file their tax returns by May 15, 2023, may request an additional extension until Oct. 15, 2023. However, it is important to note that this extension only applies to the filing deadline, and any taxes owed must still be paid by May 15, 2023, to avoid penalties and interest charges.
To qualify for this tax relief, taxpayers do not need to contact the IRS or provide any documentation. The relief will be automatically granted to those in the affected areas.
The IRS's decision to extend the tax filing deadline for certain New York taxpayers affected by the December 2022 winter storm provides much-needed relief to those who are struggling to file their taxes on time. Taxpayers should take advantage of this extension to avoid any penalties or interest charges and ensure they are in compliance with their tax obligations.
Please contact GHJ’s Tax Services Practice to learn more about how you may be affected by this announcement.