Hurricane Michael victims in parts of Florida and elsewhere have until February 28, 2019, to file certain individual and business tax returns and make certain tax payments, the Internal Revenue Service has announced.
The Internal Revenue Service has issued guidance to provide relief to residents of Puerto Rico and the U.S. Virgin Islands who were evacuated or could not return because of Hurricane Irma or Hurricane Maria. The relief extends the usual 14-day absence period to 117 days (beginning September 6, 2017 and ending December 31, 2017) for the presence test for residency under the tax rules. Further, an individual who is absent from either U.S. territory on any day during this 117-day period will be treated as leaving or being unable to return to the relevant U.S. territory as a result of Hurricane Irma and Hurricane Maria on such day. There are several exceptions to the general 183-day presence test that require an individual to be in the location where he or she claims residence for 183 days during the tax year. Usually, residents could include up to 14 days in the 183-day period because of a declared disaster. However, because of the unprecedented and catastrophic damage caused by Hurricane Irma and Hurricane Maria to Puerto Rico and the U.S. Virgin Islands, the Federal Emergency Management Agency has issued Notices of a Presidential declaration of a major disaster for both territories and … Read More
The Internal Revenue Service has issued a rundown of key tax relief that has been made available to victims of Hurricanes Harvey, Irma and Maria. In general, the IRS is now providing relief to individuals and businesses anywhere in Florida, Georgia, Puerto Rico and the Virgin Islands, as well as parts of Texas. Because this relief postpones various tax deadlines, individuals and businesses will have until Jan. 31, 2018 to file any returns and pay any taxes due. Those eligible for the extra time include: Individual filers whose tax-filing extension runs out on Oct. 16, 2017. Because tax payments related to these 2016 returns were originally due on April 18, 2017, those payments are not eligible for this relief. Business filers, such as calendar-year partnerships, whose extensions ran out on Sept. 15, 2017. Quarterly estimated tax payments due on Sept. 15, 2017 and Jan. 16, 2018. Quarterly payroll and excise tax returns due on Oct. 31, 2017. Calendar-year tax-exempt organizations whose 2016 extensions run out on Nov. 15, 2017. A variety of other returns, payments and tax-related actions also qualify for additional time. See the disaster relief page on IRS.gov for details on these and offer relief the IRS has offered since … Read More
Hurricane Irma victims in the entire state of Georgia now have until January 31, 2018, to file certain individual and business tax returns and make certain tax payments, the Internal Revenue Service announced today. This includes an additional filing extension for taxpayers with valid extensions that run out on October 16, and businesses with extensions that ran out on Sept. 15. It parallels relief previously granted to Irma victims throughout Florida and in parts of Puerto Rico and the Virgin Islands, and Harvey victims in parts of Texas. For taxpayers in Georgia, this relief postpones various tax filing and payment deadlines that occurred starting on September 7, 2017. As a result, affected individuals and businesses will have until January 31, 2018, to file returns and pay any taxes that were originally due during this period. This includes the September 15, 2017 and January 16, 2018 deadlines for making quarterly estimated tax payments. For individual tax filers, it also includes 2016 income tax returns that received a tax-filing extension until October 16, 2017. The IRS noted, however, that because tax payments related to these 2016 returns were originally due on April 18, 2017, those payments are not eligible for this relief. … Read More
Hurricane Irma victims in parts of Florida and elsewhere have until January 31, 2018, to file certain individual and business tax returns and make certain tax payments, the Internal Revenue Service announced today. Today’s relief parallels that granted last month to victims of Hurricane Harvey. This includes an additional filing extension for taxpayers with valid extensions that run out on October 16, and businesses with extensions that run out on September 15. “This has been a devastating storm for the Southeastern part of the country, and the IRS will move quickly to provide tax relief for victims, just as we did following Hurricane Harvey,” said IRS Commissioner John Koskinen. “The IRS will continue to closely monitor the storm’s aftermath, and we anticipate providing additional relief for other affected areas in the near future.” The IRS is offering this relief to any area designated by the Federal Emergency Management Agency (FEMA), as qualifying for individual assistance. Parts of Florida, Puerto Rico and the Virgin Islands are currently eligible, but taxpayers in localities added later to the disaster area, including those in other states, will automatically receive the same filing and payment relief. The current list of eligible localities is always available … Read More
IRS Waives Diesel Fuel Penalty for All of Texas The Internal Revenue Service (IRS), in response to shortages of undyed diesel fuel caused by Hurricane Harvey, will not impose a penalty when dyed diesel fuel is sold for use or used on the highway. This expanded waiver area now covers the entire state of Texas. This relief applies beginning Aug. 25, 2017, in the areas and counties for which the Environmental Protection Agency (EPA) issued waivers for Texas Low Emission Diesel Fuel. Those areas and counties now include the entire state of Texas, an expansion of the original areas announced earlier. This penalty relief is available to any person that sells or uses dyed fuel for highway use. In the case of the operator of the vehicle in which the dyed fuel is used, the relief is available only if the operator or the person selling the fuel pays the tax of 24.4 cents per gallon that is normally applied to diesel fuel for highway use. The IRS will not impose penalties for failure to make semi-monthly deposits of this tax. IRS Publication 510, Excise Taxes, has information on the proper method for reporting and paying the tax. Ordinarily, dyed … Read More
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