Accruit has previously provided a summary of the rules pertaining to extensions of exchange transactions due to federally declared disasters.
The IRS issued extensions for all 64 Louisiana parishes for 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.