Tax Relief for Hurricane Victims

Taxpayers in Florida, Texas, the U.S. Virgin Islands and Puerto Rico that have been impacted by Hurricane Harvey and Hurricane Irma have been granted relief from the IRS. Taxpayers within the areas designated by the Federal Emergency Management Agency (FEMA) as qualifying for individual assistance now have until January 31, 2018 to file certain individual and business tax returns and make certain tax payments. This includes an additional extension for taxpayers and businesses with valid extensions that would otherwise run out in September or October of 2017.

Localities that are later added by FEMA to the disaster area will also be eligible. The tax relief is applied automatically for those with an IRS address of record located in the disaster area, thus no action or contact with IRS officials is required.

The IRS will also work with taxpayers who are assisting the relief activities and are affiliated with a recognized government or philanthropic organization and taxpayers whose records necessary to meet a deadline occurring during the postponement period are located in the affected area. These individuals should contact the IRS.

There are some exceptions to the rule; please consult with your tax advisor if you think you qualify for these extensions. For more information on efforts and areas that qualify for this relief, visit the IRS disaster relief page. To discuss specific concerns, contact your Anchin Relationship Partner at 212.840.3456.