Flood victims in Vermont are given till November 15, 2023 to complete individual and corporate tax returns and pay any taxes owed from July 9, 2023 until November 15, 2023.
The specified relief delays the filing period for any returns due on or after July 9, 2023. Individual and corporate returns due on the 15th of September 2023 or on October 16, 2023 are eligible for the relief.
It should be noted that in order for the relief to be granted, the taxpayer or business entity must have submitted a valid extension.
Returns that do not have appropriate extensions are not eligible for relief and are liable for failure-to-file penalties from the return’s initial due date until the return is filed.
The relief also extends the deadline for taxpayers to submit quarterly anticipated income tax amounts due on September 15, 2023 until November 15, 2023.
Charges on payroll and excise taxes deposits due after July 9, 2023 yet before July 25, 2023 will be waived if paid before July 25, 2023. Individual income tax amounts owed on April 18, 2023 are not subject to penalty relief.
Who Is Eligible for Tax Relief?
Flood victims who live or own a company in Vermont are eligible for this assistance. Taxpayers who live outside of the affected area and are eligible for assistance must contact the IRS at 866-562-5227.
Workers for government or non-profit relief organizations who are aiding with disaster relief also have to notify the IRS, although they are also eligible for extended filing and payment deadlines, where applicable
IRS Publication 547 contains details about claiming disaster-related tax losses, and the Disaster Relief Page at irs.gov contains more information about relief opportunities