IRS gives Texans a break in aftermath of winter storm

[REWahoo]

In case anyone living in TX hasn't seen it:

IRS gives Texans a break in aftermath of winter storm

Quote:

The [filing] deadline now is June 15. The new deadline covers 2020 individual tax returns originally due April 15 and business tax returns due on March 15 or April 15.

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Taxpayers also have until June 15 to make 2020 contributions to their individual retirement account.

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Taxpayers in a federally declared disaster area have the option of claiming storm-related casualty losses on either their 2020 or 2021 federal income tax return. Personal property losses not covered by insurance or other reimbursement can be deducted, the IRS said.

Note that while the new deadlines apply to the entire state, you must live in one of the 108 counties included in the federal disaster declaration to deduct unreimbursed storm losses.

[sengsational]

I think it's less about the Texans and more about the IRS wanting to get out from under the backlog they've made for themselves.

[Car-Guy]

Quote:

Originally Posted by sengsational I think it's less about the Texans and more about the IRS wanting to get out from under the backlog they've made for themselves.

Now that sounds like something I'd say. You just beat me to it...

[Telly]

Quote:

Originally Posted by REWahoo In case anyone living in TX hasn't seen it: IRS gives Texans a break in aftermath of winter storm Note that while the new deadlines apply to the entire state, you must live in one of the 108 counties included in the federal disaster declaration to deduct unreimbursed storm losses.

That's good. That extra time means we have some hope of not having to file an amended 2020 return, to add a K-1 and send $ because of a doofus. Said doofus is in another state, and is an executor of an estate that DW will get some unknown amount of $ from. Last year he sent the K-1's out late, real nice. Our amended 2019 return to add K-1 was correct, but the payment required went awry in the IRS. Which we then got a letter for, demanding $$ plus penalties. DW eventually was able to get a person at the IRS, who found the payment, and no interest was to be charged. But also said that in July of 2020, the IRS made software changes, which have caused problems down the line. Months later, we got another letter, said that since we didn't pay the interest, more interest was due! Back to the phone... IRS said there are continuing problems, the correction for us has been submitted, do not pay any interest, that it should clear. We'll see what happens next...

I cringe to think of us having to amend a 2020 tax return for another late K-1! The doofus should be closing it all out, I really don't think he knows what he is doing. Then we have the IRS compounding it all.

[aja8888]

Quote:

Originally Posted by sengsational I think it's less about the Texans and more about the IRS wanting to get out from under the backlog they've made for themselves.

I agree, they still have not responded to certified letters I sent them in late 2019 and mid 2020 on a business issue going back to June 2017.

[ivinsfan]

I think this is pretty standard for a federal disaster area when it is within a certain date range for tax filing. Generally Feb isn't a very disaster prone month. But March can bring terrible tornadoes.

These people still have to fill, so it doesn't really do much for the backlog. I don't think we are to far off from the IRS refusing to take paper mail. I don't see them being able to function going forward. I guess they could throw everything away and go back and start over

[Car-Guy]

Quote:

Originally Posted by REWahoo In case anyone living in TX hasn't seen it: IRS gives Texans a break in aftermath of winter storm

And as an FYI, "as of today" Turbo Tax still hasn't updated their software to recognize those filing in Texas of the new date. (I just got the latest sw updates today) It still says the filing deadline is April 15th... I'm sure there's some excuse....

[Katsmeow]

Thanks for posting this. I hadn't noticed it. I am in Texas but we already filed our return before the storm. But this may be of interest to my kids.

[audreyh1]

The Apple Card keeps sending us notices that we are in a disaster relief area in case we need assistance. But we’ve almost completed our taxes already.