Alyssa Hodges, CPA •
Vermont endured some harsh weather earlier this month. While this has been incredibly difficult for businesses and individuals and we wish them the best while they recover and rebuild, the IRS has provided relief by giving more time to file upcoming returns.
Vermont endured some harsh weather earlier this month. While this has been incredibly difficult for businesses and individuals and we wish them the best while they recover and rebuild, the IRS has provided relief by giving more time to file upcoming returns.
For any resident of Vermont or business located in the state, return due dates and associated taxes have been pushed out to November 15th. This includes calendar year business and individual income tax returns that were previously extended. Note that taxes were due at the original filing date for these returns so the payment of these liabilities has not changed.
Other returns affected include quarterly payroll returns due July 31 and October 31, but note that payroll deposits due on or after July 7, 2023 and before July 25, 2023 must be deposited by July 25, 2023 to avoid penalties.
Third quarter estimated tax payments normally due September 15 have also been pushed out to November 15th.
Also keep in mind that once a disaster declaration occurs, it opens up the ability to take a casualty loss on your tax return. Casualty losses should be reported at the value of the loss after receipt of insurance proceeds. Casualty losses are deductible in the year you sustain the loss, but the IRS also allows taxpayers to treat the losses as having occurred one year prior, giving victims of the flooding the ability to claim these losses on an originally filed or amended 2022 income tax return.
For more information check out the IRS News Release, the IRS disaster assistance page, or IRS Topic No. 515, Casualty, Disaster, and Theft Losses.
Other returns affected include quarterly payroll returns due July 31 and October 31, but note that payroll deposits due on or after July 7, 2023 and before July 25, 2023 must be deposited by July 25, 2023 to avoid penalties.
Third quarter estimated tax payments normally due September 15 have also been pushed out to November 15th.
Also keep in mind that once a disaster declaration occurs, it opens up the ability to take a casualty loss on your tax return. Casualty losses should be reported at the value of the loss after receipt of insurance proceeds. Casualty losses are deductible in the year you sustain the loss, but the IRS also allows taxpayers to treat the losses as having occurred one year prior, giving victims of the flooding the ability to claim these losses on an originally filed or amended 2022 income tax return.
For more information check out the IRS News Release, the IRS disaster assistance page, or IRS Topic No. 515, Casualty, Disaster, and Theft Losses.
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