If you were affected by the recent South Carolina flooding, whether as a business or as an individual, and you filed an extension until October 15, you now have until February 16, 2016 to file and pay any taxes due.
If you’re a worker assisting the relief activities and are affiliated with a recognized government or philanthropic organization, you also qualify for relief.
The IRS has just announced that affected taxpayers in Berkeley, Charleston, Clarendon, Dorchester, Georgetown, Horry, Lexington, Orangeburg, Richland, Sumter, and Williamsburg Counties are eligible. (Other locations may be added in coming days, based on damage assessments by FEMA.)
Besides the October 15 extension deadline, the January 15, 2016 deadline for making quarterly estimated tax payments is also extended. A variety of business tax deadlines are also extended, including the November 2, 2015, and February 1, 2016 deadlines for quarterly payroll and excise tax returns. Those within the disaster area don’t need to contact the IRS — the relief automatically applies.
If you, as an individual or as a business, have experienced uninsured or unreimbursed disaster-related losses, you can also choose to claim them on either last year’s or this year’s return. (If you claim them on either an original or amended 2014 return, you’ll get an earlier refund, but if you wait to claim them on a 2015 return, you could get a greater tax savings, depending on other income factors.)
The IRS is waiving late-deposit penalties for federal payroll and excise tax deposits that are normally due on or after October 1 and before October 16, if the deposits are made by October 16.
If You’re Outside the Disaster Area But Still Affected
If you’re located outside the disaster area but the records that are necessary to meet a deadline during the postponement period are located in the disaster area, you’re also eligible. Contact the IRS at 866-562-5227.