When natural disasters occur, the U.S. government often declares affected counties as federal disaster areas. The relief associated with these declarations typically extends tax filing and other deadlines for individuals and businesses. The Treasury Inspector General for Tax Administration (TIGTA) has determined that the IRS must provide greater clarification regarding the timeframe for which business taxpayers’ tax filings and payments are postponed. TIGTA found that many businesses may have paid their taxes owed before the postponed due date. The reason? They weren’t aware of the timeframe for the disaster relief they were afforded. Read the TIGTA report: https://bit.ly/3TWukgD
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