The IRS on Monday announced victims of the past weekend's wildfires in Colorado will have until May 16, 2022, to file various individual and business tax returns and make tax payments.
Following the recent disaster declaration issued by the Federal Emergency Management Agency, the IRS is providing this relief to taxpayers affected by wildfires that took place starting on December 30, 2021, in parts of Colorado. Currently, relief is available to affected taxpayers who live or have a business in Boulder County, but the IRS will provide the same relief to any other Colorado localities designated by FEMA. The current list of eligible localities is always available on the disaster relief page.
The tax relief postpones various tax filing and payment deadlines that occurred starting on December 30. As a result, affected individuals and businesses will have until May 16 to file returns and pay any taxes that were originally due during this period. This includes 2021 individual income tax returns due on April 18, as well as various 2021 business returns normally due on March 15 and April 18. Among other things, this means that affected taxpayers will have until May 16 to make 2021 IRA contributions.
In addition, farmers who choose to forgo making estimated tax payments and normally file their returns by March 1 will now have until May 16, 2022 to file their 2021 return and pay any tax due.
The May 16 deadline also applies to quarterly estimated income tax payments due on January 18 and April 18. Among other things, this means that individual taxpayers can skip making the fourth quarter estimated tax payment, normally due January 18, 2022, and instead include it with the 2021 return they file, on or before May 16.
In addition, the quarterly payroll and excise tax returns normally due on January 31 and May 2, 2022, are also now due on May 16. Penalties on payroll and excise tax deposits due on or after December 30 and before January 14 will be abated as long as the deposits are made by January 14, 2022.