IRS Reminds Taxpayers of Disaster Extensions for Tax Returns and FBAR

by | Oct 15, 2022 | Tax Tips and News

IRS Reminds Taxpayers of Disaster Extensions for Tax Returns and FBAR

While Monday, October 17 is the deadline to file tax returns for those who requested an extension earlier this year, some taxpayers may have additional time due to military service or disaster assistance. Additionally, the FBAR deadline has been extended for some due to natural disasters.

What type of military service qualifies taxpayers for additional time to file individual tax returns?

Service rendered in a combat zone by members of the military and others automatically receive additional time to file tax returns. After leaving a combat zone, taxpayers typically have 180 days to file tax returns and pay any taxes due.

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Which disasters qualify taxpayers for additional time to file individual tax returns?

States and counties that have been granted emergency status due to nationally declared disasters may qualify for additional time to file.

Taxpayers have until November 15 to file various tax returns (both individual and business) if they are residents of, or operate a business in, Missouri, Kentucky, or the island of St. Croix in the U.S. Virgin Islands. Members of the Tribal Nation of the Salt River Pima Maricopa Indian Community also qualify for this deadline extension.

For those who live or operate a business in Florida, Puerto Rico, North Carolina, South Carolina, parts of Alaska and Hinds County, or Mississippi, the individual and business return deadlines have been pushed to February 15, 2023.

For more information and updates, the IRS has a designated disaster relief page available. The IRS also urges taxpayers to file as soon as possible to mitigate processing delays.

Is the October 15 FBAR deadline affected by tax relief for disasters?

Residents of Alaska, Puerto Rico, Florida, North Carolina and South Carolina residents may have a 2021 Foreign Bank and Financial Accounts (FBAR) due-date extension from October 15, 2022, to February 15, 2023.

Taxpayers who received the automatic FBAR extension in April 2022 do not need to request an extension.

For more information and updates, review published FBAR Relief Notices.

Sources: IR-2022-175; IR-2022-174

Story provided by TaxingSubjects.com

Written by CyberTax Services LLC

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