The IRS has issued news release TN-2020-01, announcing an extension of time to complete certain time-sensitive tax-related acts as a result of tornadoes, storms, straight-line winds, and flooding events in Tennessee. At this time, the only area to which the relief applies is Davidson, Putnam, and Wilson Counties. Certain tax-related acts with deadlines falling on or after March 3, 2020, and before July 15, 2020, are extended through July 15, 2020.
TN-2020-01 specifically notes that this extension applies to IRA contributions, as well as to the numerous time-sensitive acts described in Treasury Regulation 301.7508A-1(c)(1). These acts include completion of rollovers or recharacterizations, correction of certain excess contributions, making plan loan payments, filing Form 5500, and certain other acts under this regulation.
This relief applies specifically to residents of the identified area, to those whose businesses or records necessary to meet a covered deadline are located there, and to certain relief workers providing assistance following the disaster events. Any individual visiting a covered disaster area who is injured or killed as a result of the events is also entitled to deadline relief.
Affected taxpayers who reside, or have a business located, outside the covered disaster area are required to call the IRS disaster hotline at 1-866-562-5227 to request relief.