Fourth Quarter Estimated tax payments for residents of certain states affected by Hurricane Ian for 2022 are due February 15, 2023, not January 15, 2023
On October 5, 2022, due to the effects of Hurricane Ian, the Internal Revenue Service announced that taxpayers in NC, SC, and FL who have payments and filings due between September 28, 2022, and February 15, 2023, will have until February 13, 2023 will have until February 15, 2023, to make those payments and complete those filings. On October 7, 2022, the NC Department of Revenue announced that NC will follow the same relief for NC state tax payments and filings.
Even if taxpayers are current in their filings, payments previously scheduled in this time window, such as the fourth quarter Federal estimated tax due January 15, 2023, are eligible for this relief. Note that NC will still accrue interest on fourth quarter estimated tax payments made after January 15, 2023. However, payments made after 2022 could affect the deductibility of those amounts against 2022 income.
See your DMJPS tax professional if you have any questions.
Rollin Groseclose, CPA, CGMA
Rollin Groseclose, CPA, CGMA is a DMJPS PLLC Partner and the Director of Tax Services. Rollin is responsible for coordinating the firm’s tax services for clients, both businesses and individuals, and he helps the firm stay up to date on the latest tax developments. He has significant expertise in the areas of tax and business advisory services and focuses his energies on manufacturing and distribution, construction and real estate development, and hospitality. His expertise is also extensive in purchasing and marketing cooperatives, as well as with clients that have multi-state and international activities.