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Saturday, May 28, 2022

New Mexico fire victims get tax relief

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Victims of wildfires and straight-line winds that began in New Mexico on April 5 now have until late summer to file various federal individual and business returns and make tax payments.

Following the recent disaster declaration issued by the Federal Emergency Management Agency, the IRS has given relief to affected individuals and households who reside or have a business in Colfax, Lincoln, Mora, San Miguel and Valencia Counties.

Certain tax-filing and tax-payment deadlines falling on or after April 5 and before Aug. 31 are postponed through Aug. 31. Penalties on payroll and excise tax deposits due on or after April 5 and before Aug. 31 will be abated as long as the tax deposits were made by Aug. 31.

If an affected taxpayer receives a late-filing or late-payment IRS penalty notice that has an original or extended filing, payment or deposit due date that falls within the postponement period, they should call the number on the notice to have the IRS abate the penalty.

The IRS automatically identifies taxpayers located in the covered disaster area and applies filing and payment relief. Affected taxpayers outside the covered disaster area should call (866) 562-5227 to request relief.

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