Accruit has previously provided a summary of the rules pertaining to extensions of exchange transactions victims of the severe winter storms that occurred February 11-19, 2021.
The extensions were issued on March 10, 2021 for various deadlines. The declaration permits the IRS to postpone certain tax-filing and tax-payment deadlines for taxpayers who reside or have a business in the disaster area. Certain deadlines falling on or after February 11, 2021, and before June 15, 2021 are postponed through June 15, 2021. This extension also includes like-kind exchanges.
Accruit suggests that affected taxpayers consult with their tax and legal professionals as well as confirm on IRS website for any updates.
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Extensions for Disaster Areas announced in Louisiana