IRS Announces Deadline Relief for Oklahoma Storms

The IRS has announced the postponement of certain tax-related deadlines for victims of Oklahoma severe storms, straight-line-winds, tornadoes, and flooding. The tax relief postpones various tax filing deadlines that began on May 19, 2024. Affected individuals and households who reside or have a business in Blaine, Caddo, Cluster, Delaware, Jackson, Mayes, Muskogee, and Rogers counties, as well as taxpayers with records located in the covered area that are needed to meet covered deadlines, qualify for relief.

In addition to extending certain tax filing and tax payment deadlines, the relief includes completion of many time-sensitive, tax-related acts described in IRS Revenue Procedure 2018-58 and Treasury Regulation 301.7508A-1(c)(1). Affected taxpayers with a covered deadline on or after May 19, 2024, and before November 1, 2024, will have until November 1, 2024, to complete the acts. This includes filing Form 5500 series returns that are required to be filed on or after May 19, 2024, and before November 1, 2024.

“Affected taxpayer” automatically includes any individuals who live, and businesses whose principal place of business is located, in the covered disaster area. Those who reside or have a business located outside the covered disaster area, but have been affected by the disaster, may contact the IRS to request relief.

Taxpayers should consult with their tax advisor to understand the impact of the deadline relief on their own situation.