Alabama And Georgia Disaster Areas Get Six More Months To File Federal Tax Returns
American taxpayers are required to meet the April 18th deadline for filing and paying federal taxes. But this year, federally declared disaster areas in a few states have been granted a six-month leeway. Alabama, Georgia, and California received extensions due to storms that have resulted in numerous counties in each state being designated disaster areas. Previously, the IRS gave those counties an extension until May 16th, however, after further consideration, the IRS just extended the deadline to October 16, 2023 for filing individual and business returns as well as making tax payments.
My focus is on the great state of Alabama. During 2022, we had a total of 98 tornadoes that touched down throughout the state. The disruption and destruction were devastating for many taxpayers. Reconstructing records after a disaster can be more time-consuming and complicated than obtaining an extension on filing taxes.
If you were adversely affected by the storms, you will need to gather documentation for any real property, personal property, and vehicles that you own. And, if you are a business owner, you must create a list of lost inventories.
You’ll need this information for submitting for insurance reimbursement as well as for filing taxes. It’s also important to have records that prove your disaster-related losses. Accurately estimating losses can generate greater recovery assistance such as loans or grants.
You’ll be able to get past financial statements from your bank and credit card companies. As I mentioned, it does take time to reconstruct tax records after a disaster. So, take your time and be as thorough as you can. The IRS has taken the pressure off by giving you until October 16, 2023, to file and pay your taxes if you are in a federally declared disaster area.
If we’ve worked with you in the past, we may have past tax records that could be helpful to you. Give us a call and let’s see if we can help you get through this difficult time.