A State By State Accounting Guide

The IRS Grants Tax Relief to Hurricane Matthew Victims

Posted November 28th, 2016 by admin and filed in Uncategorized

As if going through the trauma of a major hurricane is not enough, having to file taxes on time can be a serious problem for people who suffered major losses.  Realizing this, the IRS extended the tax deadlines for victims of Hurricane Matthew.

Victims in parts of Florida, Georgia, South Carolina, and most of North Carolina will have until March 15 to file certain business and individual tax returns and payments.  Eligible filers include those living in any area that FEMA designated as qualifying for either public or individual assistance.  The IRS provides details on the disaster relief page on its website.

The hurricane affected the October 17 extension deadline, and the IRS is postponing various payment deadlines and tax filings that occurred starting on October 4.  The IRS extended the new deadline to March 15, 2017.

This extension includes the January 17, 2017 deadline for making estimated payments.  Individual filers can extend income tax returns from 2015 that were granted an extension through October 17.  However tax payments originally due on April 18 are not exempt.

Extensions for businesses include:

  • October 31 and January 31 deadlines for quarterly excise tax and quarterly payroll returns
  • The special March 1 deadline for farmers and fisherman who did not make quarterly estimated tax payments

In addition, the IRS is waiving penalties for late payment of federal and excise tax and payroll deposits that were due between October 4 and October 19 if the payments were made by October 19.

The extension deadline applies to taxpayers who live outside of a disaster area, but whose records are located within the affected area.  Such individuals should call the IRS at (866) 562-5227.

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