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IRS Issues Tax Relief for Flood Victims in Vermont

Flood at Vermont (Source: Hudson Business Service)

The Internal Revenue Service said today that those affected by floods in Vermont that started on July 7, 2023, now have until November 15, 2023, to file different individual and corporate tax forms and make tax payments.

Screenshot of tax relief for Vermont flood victims report. (Source: WCAX)

Vermont Resident’s Eligibility for Tax Relief Requires Filing Their Taxes

Individuals and households harmed by flooding who reside in Vermont or own a business there are eligible for tax relief following the FEMA disaster designation. The declaration enables the IRS to extend specific deadlines for tax returns and payments for taxpayers who live in or operate businesses in the disaster area. For example, extensions are given until November 15, 2023, for certain deadlines that fall on or after July 7, 2023, and before that date, from the published report of WCAX3.

Therefore, impacted persons and entities shall have until November 15, 2023, to file returns and pay any taxes initially due during such period. Individual income tax returns for 2022 are also due on October 16, 2023. However, the IRS pointed out that since the tax payments for these 2022 forms were due on April 18, 2023, they are not subject to this exemption.

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Waiving of Penalty for Late Filing of Their Taxes

The deadline of November 15, 2023, also applies to the third quarterly anticipated tax payment, which is usually due on September 15, 2023. The quarterly payroll and excise tax returns, which are normally due on July 31 and October 31 of the succeeding year, are also covered. Additionally, penalties on deposits due on or after July 7, 2023, but before July 25, 2023, will be avoided provided payroll and excise tax payments are completed before July 25, 2023.  The Nov. 15 deadline also applies to companies with an original or extended due date, such as calendar-year partnerships and S corporations, whose 2022 extensions expire on September 15, as well as calendar-year corporations, whose 2022 extensions expire on October 16.

The affected taxpayer should call the number listed on the notification to request that the IRS waive the penalty if they receive a late filing or late payment penalty notice from the IRS with an initial or extended filing, payment, or deposit due date that coincides with the postponement period.

Taxpayers who are situated in the designated disaster area are immediately identified by the IRS and given filing and payment relief. However, to receive this tax relief, those taxpayers who live or operate a business outside the designated disaster area should contact the IRS disaster hotline at 866-562-5227.

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