IRS extends tax deadline for Texans to June 15 due to storm
By Kristen Meriwether, Editor LPR
The Internal Revenue Service announced all Texans will have until June 15, 2021 to file their 2020 taxes, according to a press release.
This includes 2020 individual and business returns normally due on April 15, as well as various 2020 business returns due on March 15. This also means that affected taxpayers will have until June 15 to make 2020 IRA contributions.
The June 15 deadline also applies to quarterly estimated income tax payments due on April 15 and the quarterly payroll and excise tax returns normally due on April 30. It also applies to tax-exempt organizations, operating on a calendar-year basis, that have a 2020 return due on May 17. Penalties on payroll and excise tax deposits due on or after February 11 and before February 26 will be abated as long as the deposits are made by February 26.
Ihe IRS will work with any taxpayer who lives outside the disaster area but whose records necessary to meet a deadline occurring during the postponement period are located in the affected area.
Individuals and businesses in a federally declared disaster area who suffered uninsured or unreimbursed disaster-related losses can choose to claim them on either the return for the year the loss occurred (in this instance, the 2021 return normally filed next year), or the return for the prior year. This means that taxpayers can, if they choose, claim these losses on the 2020 return they are filling out this tax season. Be sure to write the FEMA declaration number – 4586 − on any return claiming a loss.
Nothing needs to be filed with the IRS to claim this extension.