IRS Issues Tax Relief for Victims of Tennessee Tornadoes|
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On Friday, March 6, 2020, the IRS announced a tax relief to aid recent victims of the tornadoes that devastated Middle Tennessee earlier this month. At least one powerful tornado cut through four counties in the state, leaving widespread devastation spanning more than 50 miles throughout Putnam, Davidson, Wilson and Smith counties.
Based on the damage surveyed so far, FEMA is designating the areas as qualifying for individual assistance. Any residents of Tennessee whose address on record with the IRS falls within one of the FEMA-designated areas is automatically eligible for the tax relief, which postpones various tax filing and payment deadlines falling on or after March 3, 2020. Affected individuals and businesses now have until July 15 of this year to file their returns and pay any taxes that are originally due during the relief period, including quarterly estimated income tax payments, returns for calendar-year tax-exempt organizations, and quarterly payroll and excise tax returns. Further, penalties on payroll and excise tax deposits due on or between March 3, 2020 and March 18, 2020, will be abated as long as the deposits are made by the latter date. To confirm eligibility for this tax relief, visit: www.irs.gov/newsroom/tax-relief-in-disaster-situations.