Certain Residents of Florida, North Carolina and South Carolina Receive Extra Time for IRS Penalty Abatement
The IRS issued Notice 2022-36 on August 24th, 2022 and provided in this notice relief of certain Failure-to-File penalties and certain international information return (IIR) penalties. A full summary regarding this notice and the taxpayers who may see benefit from it can be found at the following link https://www.wgcpas.com/action-may-be-required-irs-annouces-penalty-relief/. With this notice, the IRS placed a deadline of September 30, 2022 to file returns which would qualify for penalty relief under Notice 2022-36. The IRS has since announced an extension of tax filing deadlines for victims of Hurricane Ian which includes residents of Florida, as well as parts of South Carolina & North Carolina. View the update to Notice 2022-36. Any individuals or households that reside or have businesses anywhere in the state of Florida qualify for this tax relief. Deadlines falling on or after September 23rd, 2022, are now postponed through February 15th, 2023. Based on this information, any returns that would have needed to be filed by September 30th to qualify for relief under Notice 2022-36 can now be filed by February 15th, 2023 for qualifying taxpayers. Any taxpayer who may be unsure of whether they qualify under this extension to file, may verify through the Federal Emergency Management Agency (FEMA) if they reside in a designated area.
Please consult your WG Tax Advisor for further information.