The tax relief also extends any business returns due March 15 to June 15, 2021. Among other things affected, taxpayers will have until Jun 15 to make 2020 IRA contributions.
Quarterly estimated income tax payments, quarterly payroll and excise tax returns normally due on April 15 are also extended to June 15. Tax-exempt organizations, operating on a calendar basis, that have a 2020 return due on May 17 are also included in this extension period.
In addition, penalties on payroll and excise tax deposits due on or after Feb. 11 and before Feb. 26 will be abated as long as the deposits are made by Feb. 26.
The IRS will automatically provide filing and penalty relief to taxpayers with an address on file that is located in the disaster area. If an affected taxpayer does receive a penalty notice from the IRS that has an original or extended filing payment or deposit due date falling within the extended period, the taxpayer should then call the number on the notice to have the penalty abated.