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IRS: Deadline to File 2019 and 2020 Tax Returns to Get COVID Penalty Relief Postponed in Declared Disaster Areas
The Internal Revenue Service reminds taxpayers in areas covered by certain Federal Emergency Management Agency (FEMA) disaster declarations they may have more time to file their returns to qualify for the penalty relief under Notice 2022-36 for their 2019 and 2020 tax returns.

The Internal Revenue Service reminds taxpayers in areas covered by certain Federal Emergency Management Agency (FEMA) disaster declarations they may have more time to file their returns to qualify for the penalty relief under Notice 2022-36PDF for their 2019 and 2020 tax returns.

Under Notice 2022-36, penalties for late-filing certain tax returns, as well as penalties for not reporting certain required information on the Form 1065 or Form 1120-S, are waived or abated if the relevant return was filed on or before September 30, 2022. But individuals and households that reside or have a business in recently declared FEMA disaster areas have postponed deadlines to file the return to get this relief, as noted below.

  • Areas with a deadline of November 15, 2022, include:
    • Counties in Missouri identified under FEMA’s Major Disaster Declaration 4665.
    • Counties in Kentucky identified under FEMA’s Major Disaster Declaration 4633.
    • The island of St. Croix in the U.S. Virgin Islands.
    • Members of the Tribal Nation of the Salt River Pima Maricopa Indian Community.

The relief under Notice 2022-36 applies to the failure-to-file penalty that is typically assessed at a rate of 5% per month, up to 25% of the unpaid tax when a federal income tax return is filed late. This relief applies to forms in both the Form 1040 and 1120 series, as well as others listed in Notice 2022-36PDF, posted on IRS.gov.

Unlike the failure-to-file penalty, the failure-to-pay penalty and interest will still apply to any unpaid tax. The failure-to-pay penalty is normally 0.5% (one-half-of-one percent) per month, up to 25%. The interest rate is currently 6%, compounded daily.

Penalty relief for 2019 and 2020 returns is not available in some situations, such as where a fraudulent return was filed, where the penalties are part of an accepted offer in compromise or a closing agreement, or where the penalties were finally determined by a court. This relief is limited to the penalties that the notice specifically states are eligible for relief. For ineligible penalties, such as the failure-to-pay penalty, taxpayers may use existing penalty relief procedures, such as applying for relief under the reasonable cause criteria or the First Time Abate program. Visit IRS.gov/penaltyrelief for details.

Different relief applies to 2021 returns. Visit the disaster relief page on IRS.gov for more information about tax year 2021.

 

More information:

Source:  

https://www.irs.gov/ 

 

Alfredo Carnero, MBA

Director & Gerente

Alfredo Carnero, fundador y principal accionista de Actax Financial Corporation en Florida desde marzo de 2006, cuenta con una destacada formación académica y certificaciones, que incluyen una Maestría en Ciencias Administrativas de la Nova Southeastern University, una Maestría en Administración, Contabilidad y Finanzas de la Universidad San Martin de Porras de Lima, y la certificación como Contador Público Colegiado del Colegio de Contadores de Lima, entre otras.

Con una sólida experiencia en roles como consultor y coordinador de proyectos en la administración de justicia y en auditorías de fondos de la USAID para Organizaciones No-Gubernamentales, ha colaborado con reconocidas firmas como Arthur Anderson y Coleridge Asociados.

La amplitud de sus conocimientos y experiencia contribuyen de manera integral al éxito y liderazgo de Actax Financial Corporation.

Asociaciones y Membresías Profesionales
- Asociación Nacional de Profesionales de Impuestos (NATP)
- Proveedor Autorizado para la Presentación Electrónica - IRS
- Miembro de la Cámara de Comercio Perú-USA
- Notario Público de Florida
- Instituto Americano de Contadores Profesionales
- Entrenamiento Nacional de Impuestos
- Asociación de Agentes Inmobiliarios de Greater Fort Lauderdale

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