Extended Tax Deadline to July 31, 2023

(Storm Tax Relief in AR)

For many, this year’s April 18, 2023 tax filing deadline has been extended. See the list below.

This extension applies to Arkansas’ storm 2023 victims affected by the tornadoes and severe storms, occurring on March 31. Particularly, the tax extension is for individuals and households that reside or have a business in Cross, Lonoke, and Pulaski counties. There may be other qualifying areas added later.

Here is a List of Storm Tax Relief issued by the IRS:

• FILING TAX RETURNS: Those in the relief mentioned above have until July 31, 2023, to file their federal individual and business tax returns.
• EXTENSION TO PAY 2022 TAXES: This relief also gives us until July 31, 2023 to make tax any payments that would normally be due on April 18, 2023. This includes all quarterly estimated tax payments, normally due on April 18 and June 15.
• EXTENSION FOR IRA PAYMENTS: Those same eligible people will have until July 31 to make their 2022 contributions to their IRA accounts. This also applies to contributions to health savings accounts.
• BUSINESS TAX FILINGS: Businesses in the affected areas now have until July 31, 2023 to file quarterly payroll (ex: Form 941) and excise tax returns (ex: Form 720), if they are normally due on April 30, 2023.
• PENALTY RELIEF FOR BUSINESSES: IRS will remove penalties on 1) payroll tax deposits and 2) excise tax deposits due between March 31, 2023 and April 18, 2023. But note that this only applies if the tax deposits are made by April 18, 2023.

If more time is needed to file returns, you can even request an additional extension to file beyond the July 31 deadline. Those requests may happen any time before July 31, 2023. During this time, people that owe will still have to make arrangements for tax resolution, payment agreements, and Offer In Compromise tax settlements.

Visit HERE for help setting up a payment plan with IRS.

You may wonder if you will lose your tax refund. The IRS could temporarily hold issuing refunds by check or refunds that are not electronically deposited. This extension to pay will likely extend the deadline for tax refund requests for overpayments made in 2022.

We will keep you posted as we learn more.

The cities for extended tax deadlines include Little Rock, Arkansas, where tornados also damaged numerous communities. Little Rock is the location of the William H. Bowen School of Law, where Tax Law Offices professionals J. Anton Collins, Attorney (Former IRS), and Sarah Dodson, Marketing Director, both attended.