The Internal Revenue Service has granted automatic filing extensions for taxpayers in several states affected by recent severe weather events. Affected individuals and businesses now have until August 15 to file returns and make payments without incurring penalties or interest.
The extensions apply to a range of tax obligations including individual income tax returns, quarterly estimated payments, and payroll tax deposits. Taxpayers in designated disaster areas do not need to file any special forms to claim the extension.
Tax professionals advise affected clients to document all storm-related losses thoroughly, as casualty loss deductions may be available for uninsured property damage in federally declared disaster areas.
