On April 29, 2021, the IRS announced relief for the victims of recent tornadoes and severe storms in several Alabama counties, delaying tax return and payment deadlines until August 2, 2021.
The severe weather events that began March 25, 2021 were recently declared a disaster situation by the Federal Emergency Management Agency (FEMA). Individuals residing in or operating a business in Bibb, Calhoun, Clay, Hale, Jefferson, Perry, Randolph or Shelby counties qualify for this tax relief, allowing them to postpone filing or payments that were originally given deadlines on or after March 25, including the May 17 deadline for 2020 federal individual income tax returns. We are awaiting guidance from the state of Alabama on any state relief plans.
Additionally, this extension applies to first and second quarter estimated tax payments, as well as quarterly payroll and excise tax returns. The timing is interesting as the IRS had previously stated that the first quarter payments were due on April 15; and this relief is dated April 29.
If you have questions about how this extension may affect you and your business, please contact your Warren Averett advisor directly. You can access a variety of additional tax resources anytime here on our Insights page.