The aftermath of Hurricane Florence has left many with no power, flooding, and devastating damage to homes and entire towns throughout the Carolina’s. As victims work to recover from the damage, the IRS has granted those affected with an additional extension to file their tax returns and make certain tax payments.
What are the terms & conditions of the extensions?
Here is what you need to know if you have been affected:
Florence victims now have until January 31, 2019 to file tax returns and pay any taxes that were originally due.
Additionally, the January 31, 2019 deadline also includes:
- Quarterly Estimated Income (originally due September 17, 2018)
- Quarterly Payroll and Excise Tax (originally due September 30, 2018)
- Businesses with Extensions
- Taxpayers with Valid 2017 Extensions (originally due October 15, 2018)
How do I know if my affected location qualifies?
- The IRS stated tax relief will be provided to areas designated by FEMA. Currently, majorities of these designated areas are in North Carolina only, but more states and counties in North Carolina are expected to be added. Visit the IRS disaster page here.
Do I need to contact the IRS to notify them I am in one of the disaster areas?
- No, there is no need to contact the IRS. If you live in one of FEMA’s designated disaster areas, the IRS will automatically file the extension and offer relief.
What happens if I do get a late filing penalty notice?
- Contact the IRS immediately to notify them of the mistake.
What else should I know?
- One other area of relief you should be aware of is:
- Penalties on Payroll and Excise Deposits that were due on or after September 7, 2018 and before September 24, 2018, will also be relieved as long as they are paid by September 24, 2018.
As always, we are here to provide guidance to new and existing clients dealing with the aftermath of natural disasters. Contact Us today!
Keith Boyer, CPA