State and Federal tax extensions granted for 3 Arkansas counties

LITTLE ROCK, Ark. - The catastrophic tornadoes that swept through central and eastern Arkansas caused delays for many in the recovery process, but one delay recently signed into to order for Arkansans may be worth the wait to some.

Gov. Sanders filed an executive order on April 10 to extend filing state taxes until July 31.

Residents of Cross, Lonoke, and Pulaski counties are now able to file taxes until July 1, 2023, whether you were you experienced tornado damage or not.

Tax companies like Liberty Tax say they're ready to help with the process any way they can.

“That is an extension to file, that is not an extension to pay,” Liberty Tax District Manager LaTasha McKinney said. “So, you want to make sure, even for those who were not affected by it. If you’re not quite ready, go ahead and file a federal extension any way that will give you until Oct 15."

Scott Hardin with the Arkansas Department Finance and Administration said he believes that there are many people those counties don’t know that they won’t have to file on Tuesday.

“And certainly, when we’re talking about people that are trying to recover from the storm, people that are rebuilding their houses,” Hardin said. “Just trying to get their lives back in order, the last thing they need to worry about right now is whether they get their tax returns in on time.”

Hardin said for Arkansans outside of those three counties, there may also be an option.

“For the rest of the state, you do have the option of requesting an extension there also. It’s a simple form on the IRS website,” Hardin said. “If you do that on the federal level, then state automatically honors that on a state level.”

Hardin says to remember that there are penalties, both for not filing on time and not paying on time. for those that file a return late and owe the state money, a failure to file penalty of five percent is applied.

from KARK https://ift.tt/N2StUWl