IRS Gives Hope Amongst The Alabama Natural Disaster
The Internal Revenue Service (IRS) has announced that it will provide tax relief to victims of severe storms, straight-line winds, and tornadoes in Alabama. The IRS will grant extensions for taxpayers who reside or have a business located in the counties designated for federal disaster assistance.
Taxpayers are receiving an extension to file their returns, without having to pay any penalties or interest on their taxes due. Additionally, if the taxpayer is unable to file because they are displaced from their residence as a result of the disaster then they may qualify for additional time with which to file their return and still avoid penalties and interest on any taxes owed.
Individuals and families in Bibb, Calhoun, Clay, Hale, Jefferson, Perry, Randolph, and Shelby counties that have been impacted by severe storms, straight-line winds, or tornadoes are eligible for tax assistance. For taxpayers who live or have a company in the disaster region, the designation allows the IRS to postpone some tax-filing and tax-payment deadlines.
Certain deadlines that come on or after March 25, 2021, and before August 2, 2021, are, for example, postponed until August 2, 2021. The deadline for filing 2020 individual income tax returns and paying any taxes due is May 17th. Taxpayers have until August 2 to contribute to their 2020 IRAs.
The IRS automatically recognizes taxpayers who live in a disaster-affected area and provides filing and payment relief. Affected taxpayers who live or operate a business outside of the disaster area must contact the IRS disaster hotline to request tax assistance.
The IRS Fresh Start Program is an effective way to take control of your tax situation. This program is not exclusive to only the families and individuals in Alabama, in fact, it's available nationwide.
This program offers a variety of solutions for taxpayers who are struggling with unpaid taxes, and ensures that you will not be penalized or face additional penalties if you qualify for the program. So what are you waiting for? The time to begin this process is now!
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