Remember Tax Extensions for Disasters

Many tax return due dates are automatically extended when a disaster occurs. Last week's tornados in Arkansas is one example.

As you can see, I am now officially a FarmCPA (at least in Colorado).

Disasters occur almost every month in the US and when disasters arise in an area designated by the Federal Emergency Management Agency, taxpayers in those areas are able to automatically extend various due dates to file or pay taxes.

For example, the due date for making IRA contributions is normally April 15, however, taxpayers in a federally designated area have additional time to fund an IRA or pay income taxes.

An example are the tornados that occurred in Arkansas last Friday. Taxpayers in Cross, Lonoke and Pulaski counties now have an automatic extension until July 31, 2023, for any due dates that occurred starting on March 31.

Any time a disaster occurs in your area, make sure to check the IRS website for any announcements regarding an extension that may apply in your situation.