The Internal Revenue Service and Missouri Department of Revenue have granted tax relief for victims affected in the severe storms and flooding that began July 25, 2022. Individuals and households affected by the severe storms and flooding qualify for tax relief if the individual resides or has a business located in:
- The Independent City of St. Louis;
- Montgomery County;
- St. Charles County; and
- St. Louis County
The declaration permits postponement to file various individual and business tax returns and extends the tax payment deadline for some filings until November 15, 2022. For instance, certain deadlines falling on or after July 25, 2022, and before November 15, 2022, are postponed through November 15, 2022. However, late tax payments for balances due at extension are not subject to relief, since the due date of payment occurred before the disaster. For example, if you extended your 2021 individual return in April and did not pay all of the 2021 tax, you will be subject to penalties and interest until the remaining balance is paid.
Relief is available for the following tax filing and payment deadlines that fall between July 25,2022 and before November 15, 2022. Below is a list of returns that may qualify for this tax provision:
- 2021 individual income tax returns with a valid extension;
- 2021 trust, estate, and gift tax returns with a valid extension;
- 2021 calendar year S corporation and partnership returns with a valid extension;
- 2021 calendar year corporation returns with a valid extension;
- 2022 third quarter estimated income tax payments; and
- 2022 payroll and excise tax returns and payments.
In addition, the Small Business Administration (SBA) has announced low-interest federal disaster loans are now available to Missouri businesses and residents as a result of President Biden’s major disaster declaration. There is also Federal Emergency Management Agency (FEMA) assistance available for homeowners and renters.
Finally, if you have an unreimbursed or uninsured disaster-related casualty loss, it may be claimed on either a current year (2022) or prior year (2021) income tax return.
Krilogy Tax Services serves primarily Krilogy clients who seek additional tax advice and guidance, along with tax preparation of client’s annual tax returns. Creating and managing a client’s financial picture involves a seamless connection between financial advising and tax planning. This comprehensive approach and commitment to client service is the foundation of Krilogy.
Krilogy® does not provide tax and legal advice. Krilogy® is affiliated with Krilogy Tax Services, LLC. Krilogy® Tax Services provides tax planning and preparation services for an additional cost to Krilogy® clients. You should consult your attorney or qualified tax advisor regarding your situation.