Hurricane Relief by IRS!

Unfortunately, many of us have been affected by Hurricane Irma. Fortunately the Internal Revenue Service (“IRS”) recognizes the devastation caused by these natural disasters which affect taxpayers, not only emotionally and physically, but financially.

In a recent news release, IR-2017-150, issued on September 12, 2017, the IRS extended the deadline until January 31, 2018 for individual and business tax returns and tax payments. This relief includes filing extensions expiring on October 16 and September 15 and is offered to any area, such as Florida, Puerto Rico and the Virgin Islands, designated by FEMA as qualifying for individual assistance.

Particularly included are the September 15, 2017 and January 16, 2018 deadlines for quarterly estimated tax payments. Further, the IRS is waiving late deposit penalties for federal payroll and excise tax deposits normally due during the first 15 days of the disaster period.

If a taxpayer lives outside the disaster area but whose records, necessary to meet deadlines, are located in the affected areas, then relief is also offered. However, the taxpayer needs to contact the IRS at 1.866.562.5227.

ADVICE: Review and save this news release. Rely on it if you receive unnecessary notices from the IRS for late filing penalties during the applicable time period. Also, be sure to check the disaster recovery website.

WORD OF THE WEEK: FEMA is the Federal Emergency Management Agency. For those living in Florida, we have heard a LOT about FEMA and the disaster relief. FEMA is an agency of the United States Department of Homeland Security and was created on April 1, 1979. FEMA’s primary purpose is to coordinate the response to a disaster that has occurred in the US that overwhelms the resources of local and state authority. The governor of the affected state must declare a state of emergency and formally request from the President that FEMA respond to the disaster. FEMA also provides state and local  government expertise and funding for rebuilding efforts and infrastructure. In certain cases Florida residents can apply for FEMA  assistance for Hurricane Irma.


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