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IRS Tax Tips November 1, 2022

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Issue Number:  COVID Tax Tip 2022-167

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*Taxpayers in declared disaster areas have more time to file tax returns to get COVID penalty relief*

Taxpayers in areas covered by certain Federal Emergency Management Agency disaster declarations may have more time to file their returns to qualify for the penalty relief [ [link removed] ] under Notice 2022-36 [ [link removed] ] for their 2019 and 2020 tax returns.

Notice 2022-36 states, penalties for late-filing certain tax returns, and for not reporting certain required information on Form 1065 or Form 1120-S, are waived or stopped if the relevant return was filed on or before September 30, 2022. Taxpayers who reside or have a business in recently declared FEMA disaster areas have more time to file the return to get this relief.

*Postponed deadlines
*Areas with a deadline of *November 15, 2022*, include:


* Counties in Missouri [ [link removed] ] identified under FEMA's Major Disaster Declaration 4665.
* Counties in Kentucky [ [link removed] ] identified under FEMA's Major Disaster Declaration 4633.
* The island of St. Croix [ [link removed] ] in the U.S. Virgin Islands.
* Members of the Tribal Nation [ [link removed] ] of the Salt River Pima Maricopa Indian Community.

Areas with a deadline of *February 15, 2023*, include:


* Florida [ [link removed] ]
* Puerto Rico [ [link removed] ]
* North Carolina [ [link removed] ]
* South Carolina [ [link removed] ]
* Areas in Alaska [ [link removed] ] identified under FEMA's Major Disaster Declaration 4672
* Hinds County, Mississippi [ [link removed] ].

The relief 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 1040 and 1120 series, as well as others listed in Notice 2022-36.

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% per month, up to 25%. The interest rate [ [link removed] ] is currently 6%, compounded daily.

*Some tax returns are not eligible*
Penalty relief is not available in all 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. For complete details, taxpayers should read Notice 2022-36, available on IRS.gov.

Other penalties, such as the failure to pay penalty, are not eligible. However, taxpayers may use existing penalty relief procedures for penalties not eligible under Notice 2022-36. More information about existing procedures is available on the Penalty Relief [ [link removed] ] page of IRS.gov.

This relief does not apply to 2021 returns. Taxpayers should visit the disaster relief [ [link removed] ] page of IRS.gov for more information about tax year 2021.

Share this tip on social media -- #IRSTaxTip: Taxpayers in declared disaster areas have more time to file tax returns to get COVID penalty relief [link removed]

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