Cars and building destroyed by storm
ComplianceTax & AccountingMay 14, 2021

IRS announces tax relief for individuals affected by inclement weather in Tennessee: IRA and HSA deadlines extended for some

As a result of severe storms, straight-line winds, tornadoes, and flooding that began March 25, 2021 in parts of Tennessee the IRS has announced that affected taxpayers will receive tax relief.

The tax relief postpones through August 2, 2021 certain deadlines falling on or after March 25, 2021 and before August 2, 2021. Deadlines that apply to individual retirement accounts (IRAs), Health Saving Accounts (HSAs), Coverdell Education Savings Accounts (CESAs), and other tax advantaged accounts that fall within this time-period are extended. The IRS’s Disaster Assistance and Emergency Relief for Individuals and Businesses page has details on returns, payments, and tax-related actions qualifying for the additional time.

Please note that unless an act is specifically listed in Revenue Procedure 2018-58, the postponement of time to file and pay does not apply to information returns in the W-2, 1094, 1095, 1097, 1098, or 1099 series; to Forms 1042-S, 3921, 3922 or 8027; or to employment and excise tax deposits.

For an opportunity to learn more about IRAs and other tax advantaged accounts including Health Savings Accounts and Coverdell Education Savings Accounts, consider the Wolters Kluwer IRA Library or on-demand video training offered on a variety of topics. Go here to learn more about training opportunities available to you, or you can call us at 1-800-552-9408.
Mike Schiller
Manager, Specialized Consulting, Tax Advantaged Accounts
With more than 24 years of experience, Mike has worked closely with hundreds of financial organizations to help them create, implement, and maintain their tax-advantaged accounts program.