Following the recent disaster declaration issued by FEMA for all 254 Texas counties, the IRS has postponed the filing deadline for individual and business tax returns and related tax payments until June 15, 2021. This relief is automatic, as the IRS will identify taxpayers located in the disaster area and apply the filing and payment relief. No extension need be filed to get the new June 15th deadline.
The new June 15th deadline also applies to any estimated tax payments originally due on or after February 11th, and before June 15th for individuals and businesses in the affected area.
For those clients who engage Beaird Harris for tax services, please note, cutoff dates imposed by Beaird Harris remain unchanged to guarantee completion of your tax return(s) by the filing deadlines. Those who miss the cutoff will be automatically extended. Please visit www.bh-co.com/dates for more information.
Other provisions in the new IRS announcement worth noting include the option for Texas taxpayers to claim their disaster-related casualty losses on their federal income tax return for either 2020 or 2021, and the extension of the due date for making 2020 IRA contributions to June 15, 2021.
These announcements come by way of an IRS news release. The official Notice or Ruling has not yet been released. Should there be any significant changes when the IRS releases official guidance, we’ll provide an update, as necessary.
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