Tax Reliefs for Hurricane Harvey and Irma

October 6, 2017

The United States has seen a lot of devastation this year due to hurricanes. People in the affected areas have more to think about than their taxes, but many tax deadlines are coming up. It can be worrisome to consider late fees and interest on your owed taxes when not filed on time. If your home, property or business was affected by one of the hurricanes, you should discuss your options with your Encino tax advisor to make sure you qualify for relief and take care of the taxes within the guidelines.

Fortunately, the IRS has offered some relief to the victims of Hurricane Harvey and Irma.

• Filing extensions for taxpayers whose 2016 extension runs out on October 16

• Extensions for businesses who have extensions that expire on September 15

• Postpones various tax filings and payment deadlines that were due in this period until January 2018

• Relief is automatically applied to businesses and residents in the affected areas

• Uninsured or unreimbursed disaster-related losses can be claimed on the return in which the loss occurred or the return for the prior year; Details can be found in IRS Publication 547

• For businesses or taxpayers who live outside the disaster area, but whose records were located in the affected area, the IRS is willing to work with you, but you will have to contact the agency

• Waiving late-deposit penalties for federal payroll taxes and excise taxes within a certain time frame of the disaster

Talk to a Tax Professional Today

For specific details, you should check with your tax expert agency for the specific deadlines for the area that has affected you or your business. We have a Los Angeles tax specialist who can help you navigate the paperwork that needs to be done to get your business back on track with the IRS after one of these disasters. Contact us for more information and to minimize the damage to your pocketbook.