The recent winter storms hit Texas particularly hard – as I’m sure you’re aware having lived through them! Thankfully, the Internal Revenue Service announced it would offer tax relief and deadline extensions to those affected.
The entire state of Texas, as well as taxpayers in other states that received a disaster declaration by FEMA, will have until June 15, 2021 to file business tax returns normally due on March 12 and individual and business returns normally due on April 15. Affected taxpayers also have until June 15, 2021 to make quarterly estimated payments for income, payroll, and excise taxes, and if you were unable to make payroll and excise tax deposits between February 11 and February 25, penalties will be abated. Additionally, the deadline extension means you have more time to make 2020 contributions to individual retirement accounts.
More details can be found on IRS.gov. We’re here if you have questions, and we’re accepting information daily to get started on your returns.