VICTIMS OF WINTER STORMS GET DEADLINE EXTENSIONS

Due to the February winter storms, residents and businesses in Oklahoma and Texas now have until June 15, 2021, to file their individual and business tax returns and make tax payments. The FEMA disaster declaration permits the IRS to postpone certain tax-filing and tax-payment deadlines for taxpayers who reside or have a business in the disaster area, which includes all 77 counties in Oklahoma and the entire state of Texas.

Certain filings that have either an original or extended due date occurring on or after February 8, 2021, and before June 15, 2021, are postponed through June 15, 2021. This includes:

  • Returns normally due on April 15, including calendar year-end corporate, fiduciary, individual, and gift and generation-skipping transfer tax returns
  • First-quarter estimated tax payment due on April 15
  • Business returns normally due on March 15, including S-corporations and partnerships
  • Form 5500 series returns due February 8 through June 14, 2021
  • Quarterly payroll and excise tax returns normally due on April 30, 2021
  • Calendar-year tax-exempt organizations that have a 2020 return due on May 17, 2021
  • Taxpayers also have until June 15 to make 2020 IRA contributions.

The postponement of time to file and pay does not apply to information returns in the W-2, 1094, 1095, 1097, 1098, or 1099 series; to Forms 1042-S, 3921, 3922, or 8027; or to employment and excise tax deposits. However, penalties on deposits due on or after February 8, 2021, and before February 23, 2021, will be abated as long as the tax deposits were made by February 23, 2021, for Oklahoma or February 26, 2021, for Texas.

The IRS automatically identifies taxpayers located in the covered disaster area and applies filing and payment relief to individuals who live and to businesses and tax-exempt organizations whose principal place of business is located in the covered disaster area. Taxpayers not in the covered disaster area, but whose records necessary to meet a deadline are in the covered disaster area, are also entitled to relief and should call the IRS disaster hotline at 866-562-5227 to request this tax relief.

Oklahoma and Texas Filing Extensions

The Oklahoma Tax Commission has issued an order providing similar relief. Any individual residing or operating a business in the state of Oklahoma can postpone the filing and payment of Oklahoma  tax forms corresponding to the Federal Form filing extension.

The Texas Comptroller of Public Accountants has automatically extended the due date for 2021 Texas franchise tax reports to June 15, 2021. The due date applies to all taxpayers.

Please contact us if you have questions on how the June 15 deadline may have impacted you.