The IRS has outlined the key tax relief provisions for victims of Hurricanes Harvey, Irma and Maria. The relief postpones various tax deadlines for individuals and businesses located in Florida, Georgia, Puerto Rico and the Virgin Islands, as well as parts of Texas. These taxpayers will have until January 31, 2018, to file returns and pay any taxes due.
The relief applies to individual filers with tax-filing extension ending on October 16, 2017. Additionally, the relief applies to business filers: (1) with extension that ended on September 15, 2017; (2) quarterly estimated tax payments due on September 15, 2017, and January 16, 2018; and (3) quarterly payroll and excise tax returns due on October 31, 2017. Also, it applies to calendar-year tax-exempt organizations whose 2016 extensions end on November 15, 2017.
Although the news release mentions September 15, 2017, the third-quarter estimated tax payments for calendar year taxpayers are due October 16, 2017.
In addition to granting extra time to file and pay, the IRS is offering other special assistance to disaster-area taxpayers. This other special assistance includes: (1) special relief for employer-sponsored leave-based donation programs; (2) special relief for employer-sponsored retirement plans; (3) a waiver of late deposit penalties for federal payroll and excise tax deposits; (4) an election to take uninsured or unreimbursed disaster-related losses on a 2016 return; and (5) a waiver of the usual fees and expediting requests for copies of previously filed returns.