One of the most devastating major winter storms in the history of the State of Texas has finally passed. Recognizing the significant emotional and financial toll the storm has taken on Texans, the IRS recently released an announcement indicating that residents and businesses in all 254 Texas counties may qualify for tax relief. See TX-2021-02 (Feb. 22, 2021). This Insight summarizes some of the more noteworthy relief provisions.
Postponement of Certain Tax Deadlines.
Both the Internal Revenue Code and the governing regulations provide authority for the IRS to provide relief to those affected by a federally declared disaster. Exercising this authority, the IRS has declared that certain taxpayers “that reside or have a business in all 254 Texas counties qualify for tax relief.” These taxpayers include:
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