The founder and owner of Chatham, New Jersey-based Belott & Company CPAs LLC, Richard Belott has worked as a certified public accountant for nearly three decades. Throughout the course of his career, Richard Belott has provided financial services as well as retirement and tax planning for numerous clients across New Jersey.
Hurricane Ida victims in New York, New Jersey, and Mississippi now have until early January to submit federal individual and corporate tax forms for tax payments. Any location identified by the Federal Emergency Management Agency as qualified for individual or public assistance will be eligible for aid.
Various filing and payment deadlines that were set to begin on September 1st have been postponed as a result of the relief. Individuals and companies that were affected have until January 3 to complete returns and pay taxes that were due during this period. Individuals who have an extension to submit their 2020 tax return that expires on October 15 also have until the 3rd of January to do so.
Quarterly anticipated income tax payments, which are due on Sept. 15, and quarterly payroll and excise tax reports, which are typically due on Nov. 1, are also subject to the Jan. 3 deadline. The extension also applies to calendar-year-operating tax-exempt organizations that had a valid extension that was set to expire on Nov. 15.
Any taxpayer with an IRS address of record in the disaster region receives automatic filing and penalty relief from the IRS. If an impacted taxpayer gets a penalty notice for late filing or payment with a due date that falls within the postponement period, the taxpayer may contact the number on their notice to have the penalty waived.
