In response to the recent devastation from Hurricane Michael, the IRS extended tax relief to victims of the disaster. The relief extends to all individuals who live in any major disaster declaration area designated by the Federal Emergency Agency. That includes the Florida Panhandle and Georgia.
- Victims have until Feb. 28, 2019 to file certain individual and business returns and make certain tax payments.
- The Feb. 28 extension applies to quarterly estimated tax payments due on Jan. 15, 2019.
- Quarterly payroll and excise tax returns normally due on Oct. 31, 2018 and Jan. 31, 2019 are extended to Feb. 28. Tax-exempt organizations operating on a calendar-year basis whose extensions expire on Nov. 15, 2018 were extended as well.
- Low-income housing received tax relief as a way to provide people with emergency housing regardless of their income level. (That relief also extends to victims of Hurricane Florence.)
Hurricane Michael victims should not contact the IRS to receive the relief. It automatically extends to anyone with an address of record located in the disaster areas. If you live in the affected area and receive a late filing or payment penalty from the IRS that has an extended due date falling within the postponement due date, you should call the number on the notice to have it removed.
If you do not live in the disaster area but have records needed to meet the deadlines located there, the IRS will work with you. Contact the IRS at 1-866-562-5227 for help.
SEC extends relief to Hurricane Michael victims too
The Securities and Exchange Commission (SEC) also announced it extended regulatory relief to accountants, public companies, investment companies, transfer agents, municipal advisors and others affected by Hurricane Michael. Click here for more information.
Source : TaxAct Blog