Due to the destruction caused by severe storms, tornadoes, straight-line winds, and flooding that occurred in parts of Tennessee beginning on March 3, 2020, the President has declared that a major disaster has occurred in Tennessee. As a result, taxpayers that reside in or have a business located in an affected area may qualify for tax relief.
The tax relief postpones until July 15, 2020 certain deadlines falling on or after March 3, 2020 and before July 15, 2020. 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.
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 this reason, the deadline for custodians and trustees to file IRS Forms 1099-R (IRAs), 1099-SA (HSAs), and 1099-Q (CESAs) that report distributions is not extended.
For an opportunity to learn more about IRAs and other tax-advantaged accounts, including Health Savings Accounts and Coverdell Education Savings Accounts, consider our On-Demand Video Training. For more information call us at 1-800-552-9408.