Tax Deadlines Extended for Victims of Storms, Tornadoes and Flooding in Oklahoma
FEMA's recent disaster declaration opens the door for extended federal tax filing and payment deadlines for victims of the May storms, tornadoes, and flooding in Oklahoma.
Residents and business in Oklahoma impacted by the severe storms, tornadoes, and flooding beginning May 2, 2022, now have until September 1, 2022, to file and pay certain federal taxes. The IRS extended the deadlines after parts of the state were declared a disaster area by the Federal Emergency Management Agency (FEMA). The tax relief applies to residents and businesses in Adair, Cherokee, Muskogee, Okmulgee, Pottawatomie, Seminole, and Tulsa Counties who were affected by the May 2 natural disasters.
Various federal tax filing and payment due dates for individuals and businesses from May 2 to August 31 will be shifted to September 1, 2022. This includes the quarterly estimated tax payments that were due on June 15, 2022.
The tax relief also applies to the quarterly payroll and excise tax returns normally due on August 1, 2022. Penalties on payroll and excise tax deposits due from May 2 to May 16 will also be waived if the deposits were made by May 17, 2022.
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Victims of the storms, tornadoes, and flooding in Oklahoma don't have to contact the IRS to get this relief. However, if you receive a late filing or late payment penalty notice from the IRS that has an original or extended filing, payment or deposit due date falling within the postponement period, call the number on the notice to have the penalty abated.
The IRS will also waive fees for obtaining copies of previously filed tax returns for taxpayers affected by the Oklahoma natural disasters. When requesting copies of a tax return or a tax return transcript, write "Oklahoma Severe Storms, Tornadoes and Flooding" in bold letters at the top of Form 4506 (copy of return) or Form 4506-T (transcript) and send it to the IRS.
In addition, the IRS will work with any taxpayer who lives outside Oklahoma, but whose records necessary to meet a deadline occurring during the postponement period are located in the state. Taxpayers qualifying for relief who live in another state need to contact the IRS at 866-562-5227. This also includes workers assisting the relief activities who are affiliated with a recognized government or philanthropic organization, and anyone visiting the area who was killed or injured as a result of the disaster.
Individuals and businesses in a federally declared disaster area who suffered uninsured or unreimbursed disaster-related losses can choose to claim them on either the return for the year the loss occurred (in this instance, the 2022 return that you will file next year), or the return for the prior year. This means that taxpayers can, if they choose, file an amended return to claim these losses on their 2021 return. Be sure to write the FEMA declaration number (DR-4657-OK) on any return claiming a loss. It's also a good idea for affected taxpayers claiming the disaster loss on an amended 2021 return to put the Disaster Designation ("Oklahoma Severe Storms, Tornadoes and Flooding") in bold letters at the top of the form. See IRS Publication 547 for details.
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