TALES OF THE TEXAS EXCHANGERS! IRS deadlines extended due to winter storms

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The Internal Revenue Service recently announced that Texas taxpayers—including 1031 exchangers—can have up to June 15, 2021 to file returns, identify replacement property, purchase replacement property, or make other payments due to the chaos caused by February’s winter storms. 

For affected Texans, FEMA has issued a disaster declaration for the entire state. Other tax-related accommodations can be made for taxpayers in other states impacted by these winter storms. A list of eligible localities can be found at irs.gov on their disaster relief page.

In addition to 2020 individual income tax and business tax returns, normally due on April 15 and March 15 respectively, other Texas tax deadlines between now and June 15 may take advantage of the extension. These other IRS deadlines include: IRA contributions, quarterly payroll tax, excise tax returns, (normally due April 30), quarterly estimated taxes (due April 15), and tax-exempt organizations operating on a calendar-year basis who would normally have returns on May 17. 

And of course, 1031 exchangers whose 45- or 180-day deadlines fall before June 15, 2021, will have their deadlines extended to that date in disaster declared areas.

Taxpayers outside the disaster area but with necessary IRS address records within an affected area should contact the IRS at 866-562-5227. Additional details can be found on Publication 547  at the IRS website. You can visit disasterassistance.gov for more information regarding disaster recovery. Of course, you will want to consult your CPA or tax professional if you plan on utilizing any of these IRS issued extensions.

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