The IRS has granted Hurricane Ian victims in Florida more time to file various individual and business tax returns and make tax payments. Specifically, victims throughout Florida impacted by the hurricane will have until February 15, 2023, to file and pay tax returns and payments due between September 23 and February 14.
The tax relief is available to anyone in any area designated by the Federal Emergency Management Agency (FEMA) as qualifying for individual assistance. At this point, that only includes affected taxpayers who live or have a business in Florida, but the IRS will offer the same relief to any taxpayers in other areas designated by FEMA later.
The IRS will also work with other people who live outside the disaster area but whose tax records are in the disaster area. Call the IRS at 866-562-5227 if you face this situation. This also includes workers assisting the relief activities who are affiliated with a recognized government or philanthropic organization, and anyone visiting the area who was killed or injured as a result of the disaster.
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Deadlines Extended
The deadlines that are pushed back for Hurricane Ian victims include the October 17, 2022, due date for extended 2021 personal income tax returns. They are now due on February 15, 2023. (However, payments for 2021 income taxes that were due on April 18, 2022, are not extended.) Impacted corporations with a 2021 filing extension expiring on October 17 have until February 15 to file and pay taxes, too. Tax-exempt organizations also have more time to file 2021 returns originally extended through November 15.
The quarterly estimated tax payment that's supposed to be paid by January 23, 2023, is now due on February 15. The due dates for quarterly payroll and excise tax returns normally due on October 31, 2022, and January 31, 2023, are extended to February 15, too. Penalties on payroll and excise tax deposits due from September 23 to October 10 are also waived as long as the deposits are made by October 11, 2022.
Taxpayers don't need to contact the IRS to get this relief. However, if an affected person receives a late filing or payment penalty notice from the IRS, he or she should call the number on the notice to have the penalty abated.
Deduction for Damaged or Lost Property
Hurricane Ian victims may be able to claim a tax deduction for unreimbursed damaged or lost property. To do so, they typically must itemize and file Schedule A with their tax return. However, victims who claim the standard deduction may still be able to deduct their losses if they can claim them as business losses on Schedule C.
The deduction can be claimed on the tax return for the year the damage or loss of property occurred or for the previous year. So, for any destruction in 2022, the deduction can be claimed on either a 2021 tax year return or a 2022 return. In either case, you must write the FEMA declaration number on the return claiming the deduction. For Hurricane Ian in Florida, the number is DR-4673-FL. Also write the Disaster Designation – "FL Hurricane Ian" – in bold letters at the top of the form.
If you decide to claim a deduction for 2021, you can amend your 2021 return by filing Form 1040-X. For this purpose, you must file the amended return no later than six months after the due date for filing your return (without extensions) for the year in which the loss took place. So, for Hurricane Ian losses in 2022, you would need to file an amended 2021 return by October 16, 2023. Affected taxpayers claiming the disaster loss on a 2021 return should also put the Disaster Designation ("FL Hurricane Ian") in bold letters at the top of the form. See IRS Publication 547 for details.
Lost Tax Returns
If your tax records are lost in the storm, the IRS will waive fees for obtaining copies of your previously filed tax returns. When requesting copies of a tax return or a tax return transcript, write "Hurricane Ian" in bold letters at the top of Form 4506 (copy of return) or Form 4506-T (transcript) and send it to the IRS. You can also request a transcript on the IRS website.
You'll need a copy or transcript of your 2021 tax return if you're claiming a hurricane-related loss deduction for the 2021 tax year and you don't have your original return anymore. You'll also need new copies or transcripts for other tax years for your records if your original copies are lost or destroyed by the hurricane, too.
State Tax Relief
State tax relief may also be available to people and businesses affected by Hurricane Ian. It usually comes in the form of filing and payment extensions and/or penalty and interest waivers. State tax relief often extends to residents of other states who have a tax obligation in the state providing the relief (e.g., Georgia could provide relief for Florida residents who pay Georgia taxes).
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