Both residents and businesses in Texas will receive tax relief due to the devastating winter storms that have been affecting Texas. The Internal Revenue Service (IRS) announced on Wednesday, February 22nd that individual and business taxes have been pushed back to June 15th, 2021 from the original April 15th deadline for individuals and the March 15th deadline for businesses.
This tax relief applies to both filing and 2020 IRS tax contributions that would need to be made. All businesses in Texas with an address on record with the IRS will automatically receive the tax extension and penalty relief. However, business outside of Texas may apply as well if they have been impacted by the storms.
For example, any business owner whose business is located in Texas, regardless if they live in the state or not, or has any important tax records located in Texas, can also receive this tax relief but would need to contact the IRS at 1-866-562-5227 to make sure everything is in order to receive these extensions.
Businesses who have also experienced damage-related losses and were either uninsured or unreimbursed can claim this on either their 2020 tax return or the year the loss occurred which would mean filing in 2021 for the damage. If your business does decide to do this, make sure the FEMA declaration number 4586 is written on the return.
For more information about the Texas tax extensions and additional tax aid you can receive, please visit the IRS website or call their number at 1-866-562-5227.
At National Tax Group, we can help your business take full advantage of these tax extensions and will make sure your company receives the most from your 2020 taxes. Call us now at (561)-257-3436 to set up your free assessment with our team of tax specialists.