The system may miss something, so if a qualified taxpayer or business is erroneously assessed a late filing or late payment penalty, they should contact the IRS to rectify the situation.
Delray Beach, FL (PRWEB) October 14, 2016
For those in the devastating path of Hurricane Matthew, the IRS has offered relief for the filing of certain individual and business tax returns, as well as making certain tax payments. While North Carolina is the only state that has announced this relief so far, more states are expected to offer similar programs in the very near future. The additions of other areas will be based on damage assessments by FEMA.
The specific postponement includes any filing or payments that were originally due during this period, including the January 17th deadline for making quarterly estimated tax payments. It also includes anyone who filed a 2015 income tax extension, which was originally due on October 17th 2016. However, tax payments related to the 2015 returns will not be extended since they were originally due on April 18th, 2016. Additionally, late-deposit penalties for federal payroll and excise tax deposits will be waived as long as they payments are made by October 19th.
Taxpayers do not need to contact the IRS to apply for this extension, as it will be automatically provided based on having an address based in a disaster area. Ian Gardner, of Sigma Tax Pro urges taxpayers to be proactive, “The system may miss something, so if a qualified taxpayer or business is erroneously assessed a late filing or late payment penalty, they should contact the IRS to rectify the situation. Don’t wait for the system to correct itself.”
The IRS has also agreed to work with any taxpayer who does not live within the disaster area, but has necessary records stored within the area. Those taxpayers should contact the IRS at 866-562-5227. Both individuals and businesses who incurred unreimbursed or uninsured losses related to the Hurricane Matthew can chose to claim them on either the current year, or the prior year return.
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