Texas and Oklahoma Taxpayers Get Deadline Extensions Related to Winter Storms

The IRS and the Texas Comptroller announced tax deadline extensions this week, giving victims of the recent winter storms in Texas more time to file tax returns and make payments.

IRS Relief

According to the IRS news release, taxpayers will have until June 15, 2021, to file various individual and business tax returns and make tax payments. This relief, prompted by FEMA’s recent disaster declaration, applies to the entire states of Texas and Oklahoma. In addition, taxpayers in other states that received similar FEMA disaster declarations because of the winter storms will automatically receive the same filing and payment relief. You can find the current list of eligible locations on the IRS tax relief page.

The relief postpones tax filing and payment deadlines that occur starting on February 11. So, the businesses and individuals affected will have until June 15, 2021, to file returns and make payments, including 2020 individual and business returns due on April 15, and various 2020 business returns due on March 15.

The June 15 deadline also applies to the following:

  • Quarterly estimated income tax payments due on April 15
  • Quarterly payroll and excise tax returns normally due on April 30
  • 2020 returns for tax-exempt organizations (on a calendar year) due on May 17

Individuals and businesses that suffered uninsured or unreimbursed disaster-related losses can elect to claim them on either the return for the year in which the loss occurred (2021) or the return for the prior year (2020). So, if a taxpayer chooses, they can claim these losses on their 2020 return.

For more information, visit the IRS disaster relief page and the IRS news release.

Texas Comptroller Relief

Following the IRS extension, the Texas franchise tax deadline was extended by the Texas Comptroller to June 15, 2021. The second extension date for electronic funds transfer (EFT) filers is still August 15, 2021 and the final extended due date is still November 15, 2021 for both EFT and non-EFT filers.    

Taxpayers do not need to file any additional forms, and the due date extensions apply to all franchise taxpayers.

As of right now, no other states have issued relief. 

For more information, view the Texas Comptroller news release.

If you have questions or would like assistance related to this or other tax matters, contact us. We’re here to help.

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