The Internal Revenue Service (IRS) has announced tax relief for Hurricane Irma victims. Parts of Florida and surrounding areas such as the Virgin Islands and Puerto Rico are devastated by the Hurricanes. Victims have been granted time until January 31, 2018, to file their individual and business tax returns.
IRS Commissioner John Koskinen gave a statement saying, "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”, adding that the IRS will continue keeping a close watch on the affected areas even after the immediate effects of the Hurricane have passed so that they can ascertain whether or not the areas require additional funding – in which case, they will consider granting further relief.
More areas to be added
The IRS will be working closely with the Federal Emergency Management Agency to identify the areas that are devastated and are in serious requirement of tax reliefs. Although as of now only parts of Florida, Virgin Islands, and Puerto Rico have been designated as requiring relief, more areas will be added later and will automatically qualify for tax reliefs when they do.
Similar reliefs were granted to victims of Hurricane Harvey last month. This included Texas and areas around the Gulf Coast.
Deadlines getting pushed
Dates for the tax relief filing were first set on September 4 for Florida and September 5 for Puerto Rico and the Virgin Islands. Businesses affected by the floods now have time until the end of January 2018 to file their tax returns. The deadline for the quarterly payroll and excise tax returns due on the 31st of October have also been pushed. In addition, the IRS has also waived off the penalties that would have otherwise have been applicable for the period of the first 15 days of the disaster.
Individuals whose records lie in the flood-affected areas, they will automatically be eligible for the tax relief. However, if they have received a penalty notice for late-payment, then they have to contact the IRS for further guidelines.
More information on contact numbers, eligibility, deadlines and all other related information has been put by the IRS on their website. More details will be added as and when fresh data comes up from the affected areas and their surroundings.