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Tax strategies

IRS Extends Tax Deadlines to January 31 for Victims of Hurricanes Irma and Harvey

Our thoughts are with those impacted by Hurricanes Irma and Harvey. We want to make you aware of the extension the IRS has granted victims in parts of Florida, Texas, the U.S. Virgin Islands, and Puerto Rico. Other areas may be added in the coming days.

Hurricane Irma IRS tax relief

The IRS is granting an extension until January 31, 2018 to file most tax returns that have either an original or extended due date occurring on or after Sept. 4, 2017, and before Jan. 31, 2018. Those taxpayers eligible for relief include individuals who live, and businesses whose principal place of business is located, in the covered disaster area which includes Brevard, Broward, Charlotte, Clay, Collier, Duval, Flagler, Hillsborough, Lee, Manatee, Miami-Dade, Monroe, Orange, Palm Beach, Pasco, Pinellas, Polk, Putnam, Sarasota, St. Johns Counties and St. Lucie. The qualifying area is evolving as more storm information comes in. As more regions are identified, they will be added to the IRS Hurricane Irma Information Center page. First responders and other relief workers and taxpayers who live outside the affected area but maintain their records in the affected area may also qualify for the tax extension.

The extension also included the September 15, 2017, and January 16, 2018, deadlines for those who are making quarterly tax payments. However, individual tax filers who filed an extension until October 16, 2017, will have to make tax payments that were originally due on April 18, 2017.

Businesses with extensions have also been granted extra filing time. That includes calendar-year partnerships whose 2016 extensions run out on September 15, 2017, and calendar-year tax-exempt organizations whose 2016 extensions run out on November 15, 2017. S corporations (which had a due date of September 15) and C corporations (which had a due date of October 15) also qualify for this filing extension.

If you need to draw financial resources from your 401(k) or 403(b), the IRS is relaxing some of the administrative rules that typically apply to retirement plan loans and hardship distributions.

Hurricane Harvey IRS tax relief

The IRS is also granting tax filing extensions for individuals and businesses impacted by Hurricane Harvey. Individuals and businesses who reside in Aransas, Austin, Batrop, Bee, Brazoria, Calhoun, Chambers, Colorado, DeWitt, Fayette, Fort Bend, Galveston, Goliad, Gonzales, Hardin, Harris, Jackson, Jasper, Jefferson, Karnes, Kleberg, Lavaca, Lee, Liberty, Matagorda, Montgomery, Newton, Nueces, Orange, Polk, Refugio, Sabine, San Jacinto, San Patricio, Victoria, Walker, Waller, and Wharton Counties may qualify for tax relief.

Taxpayers who had a valid extension to file their 2016 return that would end on October 16, 2017, qualify for this extension. The tax relief also applies to the quarterly estimated income tax payments originally due on September 15, 2017, and January 16, 2018, and the quarterly payroll and excise tax returns normally due on October 31, 2017. Penalties on payroll and excise tax deposits due on or after August 23, 2017, and before September 7, 2017, will be waived as long as the deposits were made by September 7, 2017.

Taxpayers and businesses who reside outside the affected area but maintain their records in the affected area may also qualify for tax relief programs.

How we can help

As more information about storm damage comes in, taxpayers in other states and regions may be added to the disaster region, and would be eligible for the similar payment and filing relief. Please follow the Hurricane Harvey Information Center or the Hurricane Irma Information Center for more details.

As always, contact your tax advisor to determine how these storms affect your personal situation. Your Business and Individual Tax Rates for 2019 Deduction Stacking + Donor Advised Funds = Potential Tax Savings Dramatic Income Tax Changes Ahead for Colorado-Based Service Corporations