Hurricane Ian Relief
On September 29th, The IRS announced that those live in and/or operate a business in Florida will have some extra time to file their tax returns this year.
This is applicable to you if you had a valid extension filed for your return. Your return would have been due on October 17 but will now be due by February 15, 2023. If you did not have an extension for your return, your return is already late and this extended due date does not apply to you. I also want to note, that payments related to any of these extended returns was due on April 18 and this extension would not have any effect on penalties associated with late payment.
This deadline applies to the following:
extended individual 1040 returns and business returns originally extended to October 17
quarterly estimated tax payments, normally due January 17, 2023
quarterly payroll and excise tax returns normally due October 31, 2022 and January 31, 2023
So, if you need the extra time because you are dealing with more pressing matters of cleanup and repair of your home or business, by all means, take the time. HOWEVER, if you don't need the time and are capable of getting your return prepared now, PLEASE DON'T WAIT. The IRS remains extremely backlogged and there are substantial delays in processing of returns. If you wait until February, your return is very likely to end up further buried in the backlog due to the 2022 filing deadlines coming up very soon after in March and April.
I hope you and your family are safe and sound from the storm. My thoughts are certainly with those who were less fortunate and I hope you're able to recover quickly.
Here is the link to the IRS announcement if you'd like to read further. As always, if you have questions or need any assistance, feel free to schedule an appointment or reach out to my office.