With the historic flooding and damage caused by Hurricane Harvey, the U.S. Government has declared the affected areas a natural disaster area. If you or your business suffered losses as a result of this disaster, you may be able to recover a portion of that loss through a tax deduction. Hurricane victims in parts of Texas have until Jan. 31, 2018, to file certain individual and business tax returns and make certain tax payments.
This tax relief postpones various tax filing and payment deadlines that occurred starting on Aug. 23, 2017. As a result, affected individuals and businesses will have until Jan. 31, 2018, to file returns and pay any taxes that were originally due during this period. This includes:
• The Sept. 15, 2017 and Jan. 16, 2018 deadlines for individuals making quarterly estimated tax payments.
• The 2016 income tax returns that received a tax-filing extension until Oct. 16, 2017. The IRS noted, however, that because tax payments related to these 2016 returns were originally due on April 18, 2017, those payments are not eligible for this relief and may be subject to late payment penalties.
• The Oct. 31 deadline for quarterly payroll and excise tax returns by certain businesses. In addition, the IRS is waiving late-deposit penalties for federal payroll and excise tax deposits normally due on or after Aug. 23 and before Sept. 7, if the deposits are made by Sept. 7, 2017.
Visit the IRS website – Help for Victims of Hurricane Harvey
Learn more about our tax practice here.