IRS: Vermont flooding victims now eligible for tax relief

Oct. 16 deadline, other dates extended to Nov. 15.

WASHINGTON — Flooding victims anywhere in Vermont now have until Nov. 15, 2023, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today.

The IRS is offering relief to any area designated by the Federal Emergency Management Agency (FEMA), including postponing various tax-filing and tax-payment deadlines for any taxpayer with an address of record in the disaster area. This means that individuals and households that reside or have a business in any of Vermont’s 14 counties qualify for tax relief. The current list of eligible localities is always available on the disaster relief page on IRS.gov.

What returns and payments qualify for the Nov. 15 deadline?
The tax relief postpones various tax filing and payment deadlines that occurred starting on July 9, 2023. As a result, affected individuals and businesses will have until Nov. 15, to file returns and pay any taxes that were originally due between July 9 and Nov. 15.

Eligible returns and payments include:

• Individuals who had a valid extension to file their 2022 return due to run out on Oct. 16, 2023. The IRS noted, however, that because tax payments related to these 2022 returns were due on April 18, 2023, those payments are not eligible for this relief.
• Quarterly estimated income tax payments, normally due on Sept. 15
• Quarterly payroll and excise tax returns, normally due on July 31 and Oct. 31
• Businesses with an original or extended due date including, among others, calendar-year partnerships and S corporations whose 2022 extensions run out on Sept. 15, and calendar-year corporations whose 2022 extensions run out on Oct. 16.

In addition, penalties on payroll and excise tax deposits due after July 9 and before July 25, will be abated as long as the deposits are made by July 25.

Other returns, payments and tax-related actions also qualify for the additional time. See the IRS disaster relief page for details.

With offices in Williston and Rutland Vermont, Davis & Hodgdon CPAs has been assisting Vermont’s residents and entrepreneurs for more than 30 years. Our proactive approach makes us more than an accounting firm – we counsel our clients on a wide range of financial and management issues, resulting in better decision making and more confidence in their success. Click here to contact us today and find out how we can help you!

Recipients should not act on the information presented without seeking prior professional advice. Check with your tax advisor about your specific situation or click here to reach out to our firm for additional guidance.