Today the IRS announced tax relief for victims of the Colorado wildfires that destroyed so many homes and businesses on December 30, 2021. This follows action by FEMA that approved the area for federal disaster assistance on January 1, 2022.
Below is a summary of the IRS announcement. Click here for the full IRS announcement.
- Relief is available to a resident of Boulder County or a taxpayer with a business in Boulder County
- Tax filing and payment deadlines are extended to May 16, 2022
- This includes individual returns due on April 18, 2022 as well as various business returns due on March 15 and April 18, 2022.
- Affected taxpayers will have until May 16, 2022 to make 2021 IRA contributions.
- Quarterly estimated tax payments due on January 18, 2022 and April 18, 2022 are now also due on May 16, 2022.
- Quarterly payroll return filings due January 31, 2022 (for 4th quarter 2021) and May 2, 2022 (for 1st quarter 2022) are also due May 16, 2022.
- Lastly, the declaration of a federal disaster area allows for the claim of a casualty loss on affected taxpayer returns.