In the wake of major disasters, the Internal Revenue Service has been known to grant certain forms of tax relief to help disaster victims recover. Such is the case for the United States and United States territory victims of Hurricane Irma, the Category 5 hurricane that recently devastated many Atlantic islands and much of the Atlantic coast.
The areas receiving Irma tax relief include parts of Puerto Rico and the Virgin Islands, all of Florida, and all of Georgia, which the IRS just added to its list of relief areas last week.
So, what is included in the Irma tax relief? A major aspect of this disaster relief is that tax filing and payment deadlines that were on or after September 7, 2017 will be extended to January 31, 2018. This means that those filing their taxes quarterly will have the Sept 15, 2017 and January 16, 2018 deadlines extended to January 31st. This extension is automatic for anyone living in an affected area and includes both individuals and businesses.
The extension of the filing deadline will certainly be a major aid to many who were affected by Irma. In addition to the extension, there are a couple other major aspects of relief that will help residents affected by the disaster. The first of which affect businesses, which will be able to receive late fee waivers for any late federal payroll and excise deposits that were due during the first 15 days of the disaster. Another aspect of the Irma tax relief will give relief to tax professionals who were unable to file for their clients due to the disaster.
As we stated above, if you are a resident of the disaster zone, you do not need to file a special extension. However, if do not live in the area but your taxes were affected by the disaster (say, for example, your tax records were in the disaster area), you can contact the IRS to discuss a possible extension.
You can visit the IRS website [https://www.usa.gov/hurricane-irma] to learn more about Hurricane Irma tax relief or contact a Vanguard Tax relief specialist today to discuss your hurricane tax relief needs.