IRS Extends Upcoming Filing and Payment Deadlines for Victims of Hurricane Florence
Hurricane Florence victims in certain counties of North Carolina now have until January 31, 2019, to file certain individual and business tax returns and make certain tax payments. This relief applies to various tax filing and payment deadlines that occurred starting on September 7, 2018, as specified below.
The extension applies to most federal tax returns, including, among others: partnership, S corporation, corporate, individual, estate and trust income tax returns, employment, and certain excise tax returns, that either have an original or extended due date on or after September 7, 2018, and before January 31, 2019. Additionally, taxpayers having an estimated income tax payment due on or after September 7, 2018, and before January 31, 2019, will not be subject to penalties for failure to pay estimated tax installments as long as such payments are paid on or before January 31, 2019.
The postponement generally does not apply to certain other forms, including information returns in the W-2, 1094, 1095, 1097, 1098, or 1099 series, or to employment and excise tax deposits. However, late-deposit penalties on payroll and excise tax deposits due on or after September 7, 2018, and before September 24, 2018, will be abated as long as the deposits are made by September 24, 2018.
This relief is available to the following North Carolina counties:
- New Hanover
Relief is also available to the following South Carolina counties:
Additional counties in North Carolina and possibly other states may also qualify for this relief if those areas are designated by FEMA as qualifying for individual assistance. Cherry Bekaert is monitoring the potential designation of additional counties in North Carolina or other states. An updated list of eligible localities is available on the disaster relief page on IRS.gov.
The IRS automatically provides filing and penalty relief to any taxpayer with an IRS address of record located in the disaster area. Thus, taxpayers need not contact the IRS to get this relief. In addition, the IRS will work with any taxpayer who lives outside the disaster area but whose records necessary to meet a deadline occurring during the postponement period are located in the affected area. Taxpayers qualifying for relief who live outside the disaster area need to contact the IRS at 866.562.5227. This also includes workers assisting the relief activities who are affiliated with a recognized government or philanthropic organization.
Individuals and businesses in a federally declared disaster area 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 2018 return normally filed next year), or the return for the prior year (2017).
If you have any questions about the extension or the details of filing and payment deadlines, please feel free to contact our team at Cherry Bekaert. We are happy to answer any concerns you may have.