IRS Offering Tax Relief to Residents Affected by the Tornado
On May 8, the President approved a disaster declaration for North Carolina in response to the tornado that touched down in Greensboro and parts of Guilford County on Sunday, April 15. The Internal Revenue Service (IRS) subsequently announced tax relief efforts for those affected by the tornado.
The Presidential declaration permits the IRS to postpone certain deadlines for taxpayers in the affected area. For example, certain deadlines falling on or after April 15, 2018 and before August 15, 2018 are granted additional time to file through August 15, 2018.
Penalties on employment and excise tax deposits due on or after April 15, 2018 and before April 30, 2018 will be waived as long as the deposits were made by April 30, 2018.
If an affected taxpayer receives a late filing or late payment penalty notice from the IRS that has an original or extended filing, payment or deposit due date that falls within the postponement period, the taxpayer should call the telephone number on the notice to have the IRS correct the penalty.
The NC Department of Revenue may have different requirements for state tax deadlines.