The IRS has provided tax relief to individuals and businesses affected by the tornadoes in Moore and Oklahoma City and other severe storms occurring in parts of Oklahoma. The tax relief postpones various tax filing and payment deadlines that occurred starting on May 18, 2013, and affected individuals and businesses in Cleveland, Lincoln, McClain, Oklahoma and Pottawatomie counties will have until September 30, 2013, to file these returns and pay any taxes due. This includes the June 17 and September 16 deadlines for making estimated tax payments, the July 31 deadline for second quarter payroll and excise tax returns and the September 3 deadline for truckers filing highway use tax returns. Other locations may be added based on additional damage assessments by the Federal Emergency Management Agency (FEMA.)
The IRS will abate any interest, late-payment or late-filing penalty that would otherwise apply. Taxpayers need not contact the IRS to get this relief as the agency automatically provides this relief to any taxpayer located in the disaster area. Individuals and businesses who suffered uninsured or unreimbursed disaster-related losses may claim them on either last year's or this year's return. Claiming these casualty loss deductions on an original or amended 2012 return will get the taxpayer an earlier refund, but waiting to claim them on a 2013 return could result in greater tax savings depending upon other income factors. The IRS is waiving failure-to-deposit penalties for federal payroll and excise tax deposits normally due on or after May 18 and before June 3 if the deposits are made by June 3, 2013.
Should you have any questions or need assistance please reach out to our office.