Last month was tragic for the state of Oklahoma. The devastating tornado in Moore was an historic storm with devastating consequences. While the IRS can’t undo the significant loss of life, injury, and property damage suffered by Oklahoma residents, the agency has announced plans to try to help the Moore tornado victims.
Shortly after the storm, the Internal Revenue Service announced its plan to plan to help the victims of this storm. Specifically, the IRS announced that affected taxpayers in Cleveland, Lincoln, McClain, Oklahoma, and Pottawatomie counties will receive special tax relief. That tax relief reportedly includes:
- An IRS waiver of failure-to-deposit penalties for federal payroll and excise tax deposits normally due on or after May 18 through June 3, so long as the deposits are made by June 3, 2013.
- Extending tax payment and filing deadlines for all other affected taxpayers with deadlines of May 18 or later to September 30, 2013. This includes estimated tax payment deadlines of June 17 and September 16. It also includes the July 31 payroll and excise tax deadlines.
Taxpayers do not need to contact the IRS to take advantage of these extensions if they live in the FEMA designated area. However, taxpayers who have been affected by the storm and live outside of the FEMA area will need to contact the IRS to benefit from this relief.
Our Oklahoma City tax lawyers extend our best wishes to everyone affected by the Moore tornado during this very difficult time.