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A Tax Relief Update for Victims of Hurricane Irma in Florida
In an effort to assist those affected by Hurricane Irma, the IRS has extended tax relief in the form of extended filing deadlines for persons and businesses affected by Hurricane Irma. The tax relief applies to all counties in the State of Florida. We thought it would be helpful to provide a brief overview of this tax relief.
Briefly, here is what you need to know – The IRS has extended filing deadlines for taxpayers who reside or have a business in Florida. In general, filing deadlines falling on or after Sept. 4, 2017 and before Jan. 31, 2018, are granted additional time to file through Jan. 31, 2018. For example, taxpayers who had a valid extension to file their 2016 return on Oct. 16, 2017 now have until Jan. 31, 2018 to file their income tax returns. In addition, quarterly estimated income tax payments originally due on Sept. 15, 2017 and Jan. 16, 2018, and quarterly payroll and excise tax returns normally due on Oct. 31, 2017 are now extended to Jan. 31, 2018. Tax-exempt organizations that file on a calendar-year basis and had an automatic extension to file their annual information returns now have until January 31, 2018 to file their 2016 returns. Finally, penalties on payroll and excise tax deposits due on or after Sept. 4, 2017, and before Sept. 19, 2017, will be abated as long as the deposits are made by Sept. 19, 2017.
Individuals and businesses who suffered uninsured or unreimbursed disaster-related losses can choose to claim them on either the return for the year the loss occurred (in this instance, the 2017 return normally filed next year), or the return for the prior year (2016).
To be eligible for relief, the taxpayer must be a resident of Florida, have a business in Florida, or maintain applicable business and tax records in Florida. In addition, disaster relief workers who are associated with governmental or charitable organizations providing relief efforts in Florida may also be eligible for the extended filing deadlines. The IRS will automatically apply the filing and payment relief to taxpayers whose filing addresses are in Florida. Taxpayers whose filing addresses are outside of Florida but whose records are stored or maintained in Florida may call the IRS disaster hotline at 866-562-5227 to request this tax relief.
Florida taxpayers who are contacted by the IRS on collection or examination matters should explain to the IRS how Hurricane Irma affected them so that the IRS can provide appropriate consideration to their circumstances.
Our Tax team that can assist you with any questions or concerns you may have. The link to our Tax team is below.