IRS Tax Relief Payments: What state will receive an extra payment and how to collect it?

IRS Tax Relief Payments: Last week, the IRS stated tax relief for Ohio residents and businesses that were damaged by the tornadoes that started on March 14, 2024. They now have until September 3, 2024, to file their federal tax returns and make payments.

According to a press release from the IRS, this help is available to people and companies in FEMA-designated disaster areas. These are counties in Ohio such as Auglaize, Crawford, Darke, Delaware, Hancock, Licking, Logan, Mercer, Miami, Richland, and Union.

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IRS Tax Relief Payments: Who should take advantage of the new deadline?

The later due dates affect several tax-related tasks. Tax reports and payments for individuals that were supposed to be due on April 15, 2024, have been pushed back.

By the new deadline, taxpayers can also put money into IRAs and health savings accounts (HSAs) for 2023. The due dates for projected quarterly tax payments that were April 15 and June 17, 2024, have also been pushed back.

Additionally postponed are the paid-in-full and excise tax reports that were supposed to be submitted on April 30 and July 31, 2024. For calendar-year partnerships and S corporations, the original due date for returns was March 15, 2024. For calendar-year corporations and fiduciaries, the due date for returns and payments was April 15, 2024.

The new limit also helps tax-exempt organizations that had to file returns for the calendar year on May 15, 2024.

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Also, penalties for not making payroll and excise tax deposits that were due between March 14, 2024, and March 29, 2024, will not be charged if the payments are made by March 29, 2024. Anyone with a record address in the affected places will automatically get this relief from the IRS.

How do I apply for an extension beyond September?

People who need to file later than September 3, 2024, can do so by filling out Form 4868, but they will still have to make payments by the September date. For people with retirement plans or IRAs, there may be more ways to get help.