The IRS announced on June 23 that it is further extending some compliance deadlines for parts of the South that were affected by storms in April.
Specifically, the relief gives victims of tornadoes, severe storms and flooding that took place in April in parts of Mississippi, South Carolina and Tennessee will have until Oct. 15, 2020, to file various individual and business tax returns and make tax payments.
The relief applies to the following areas which the Federal Emergency Management Agency (FEMA) identified as qualifying for individual assistance:
Mississippi: Clarke, Covington, Grenada, Jasper, Jefferson Davis, Jones, Lawrence, Panola and Walthall counties
South Carolina: Aiken, Barnwell, Berkeley, Colleton, Hampton, Marlboro, Oconee, Orangeburg and Pickens counties
Tennessee: Bradley and Hamilton counties
The relief postpones various tax filing and payment deadlines that occurred starting on April 12. As a result, affected individuals and businesses will have until Oct. 15, 2020, to file returns and pay any taxes that were originally due during this period. This includes 2019 individual and business returns that, due to COVID-19, were due on July 15. This includes giving affected taxpayers until Oct. 15 to make 2019 IRA contributions.
In earlier guidance, the IRS extended to July 15 https://www.asppa-net.org/news/upcoming-compliance-related-deadlines-be-... a variety of deadlines in light of COVID-19. Among them are:
- Actions to correct employment tax reporting errors using the interest-free adjustment process under Code Sections 6205 and 6413.
- Applications for a funding waiver under Code Section 412(c) for a defined benefit plan that is not a multiemployer plan.
- Regarding a multiemployer defined benefit plan, actions due to be performed on or before the dates described in Code Sections 432(b)(3), 432(c)(1), 432(e)(1), 432(c)(6) and 432(e)(3).
- Regarding a CSEC plan, actions to be performed on or before the date described in Code Sections 433(c)(9), 433(f)(3)(B), Section 433(j)(3) and Section 433(j)(4).
- Filing Form 5330 and payment of the associated excise taxes.
- Extension of the initial remedial amendment period for 403(b)s.
- Regarding the IRS Employee Plans Compliance Resolution System (EPCRS) and a compliance statement issued under VCP, implementation of all corrective actions, including adoption of corrective amendments required by the compliance statement.
- Requests for approval of a substitute mortality table in accordance with Code Section 430(h)(3)(C).
Under Notice 2020-35, this concerns the following:
- employment taxes;
- employee benefit plans, when the plan—including a 403(b) plan, a governmental 457(b) plan, a SEP or a SIMPLE IRA—or any sponsor, administrator, participant, beneficiary, disqualified person or other person performs a time-sensitive action regarding such a plan;
- exempt organizations; and
- Forms 5498, 5498-SA or 5498-ESA.
More information about IRS disaster assistance is available here.
- Log in to post comments