Tax Relief Announced for Storm Victims in Puerto Rico

Mandatory Credit: Photo by THAIS LLORCA/EPA-EFE/Shutterstock (12793950w)Vehicles in the middle of a flooded street in Catano, Puerto Rico, 07 February 2022.

Puerto Rico residents impacted by severe storms that hit the island in early Feb. 2022 have been given an extension until June 15, 2022, to file individual and business tax returns and make their payments, the IRS announced.

Discover: Unplug These Appliances That Hike Up Your Electricity Bill
More: 50 Ways You’re Throwing Money Away

The tax relief is available to those who live in the municipalities of Cataño, Dorado, Toa Baja, Vega Alta and Vega Baja and were negatively affected by severe storms, flooding and landslides. A recent disaster declaration issued by the Federal Emergency Management Agency (FEMA) has allowed the IRS to postpone certain tax-filing and tax-payment deadlines for taxpayers who reside or have a business in these disaster areas.

The relief means that tax deadlines falling on or after Feb. 4, 2022, and before June 15, 2022, are postponed through June 15. This includes 2021 individual and business tax returns that are normally due on April 18, and various 2021 business returns that are normally due on March 15, the IRS said. The June 15 deadline also applies to 2021 returns belonging to tax-exempt organizations, which are normally due on May 16.

Quarterly estimated tax payments that are normally due on April 18, 2022 have been extended to June 15, 2022, as have quarterly payroll and excise tax returns normally due on May 2. In addition, farmers who choose to forgo making estimated tax payments and normally file their returns by March 1 will now have until June 15 to file their 2021 return and pay any taxes due.

Make Your Money Work

Penalties on payroll and excise tax deposits due on or after Feb. 4, 2022, and before Feb. 22, 2022, will be abated as long as the tax deposits were made by Feb. 22, 2022.

See: Top Tips for Painless Tax Prep
Find: Filing Your Taxes This Week? Here’s What You Need To Know

Affected taxpayers who receive late filing or late payment penalty notices from the IRS that have original due dates that fall within the postponement period are advised to call the telephone number on the notice to have the IRS abate the penalty.

More From GOBankingRates

Share this article:

Make Your Money Work

About the Author

Vance Cariaga is a London-based writer, editor and journalist who previously held staff positions at Investor’s Business Daily, The Charlotte Business Journal and The Charlotte Observer. His work also appeared in Charlotte Magazine, Street & Smith’s Sports Business Journal and Business North Carolina magazine. He holds a B.A. in English from Appalachian State University and studied journalism at the University of South Carolina. His reporting earned awards from the North Carolina Press Association, the Green Eyeshade Awards and AlterNet. In addition to journalism, he has worked in banking, accounting and restaurant management. A native of North Carolina who also writes fiction, Vance’s short story, “Saint Christopher,” placed second in the 2019 Writer’s Digest Short Short Story Competition. Two of his short stories appear in With One Eye on the Cows, an anthology published by Ad Hoc Fiction in 2019. His debut novel, Voodoo Hideaway, was published in 2021 by Atmosphere Press.
Learn More