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21 December 2017

Tax Relief Extended to Hurricane Harvey Victims

Tax Relief Extended to Hurricane Harvey Victims

If you live in or have a business within the areas affected by Hurricane Harvey this past year, the IRS has extended tax relief and safe harbor methods that might apply to your situation. Some of these opportunities expire January 31, however, so it’s important to act quickly.

First, if you missed any tax filing or payment deadlines on or after August 23, 2017, and live or run a business within a designated county, you may have until January 31, 2018, to file (and, in some cases, pay) any overdue taxes without penalty. This may apply to already-extended income tax filings, payroll and excise taxes, and estimated income taxes. Find out more from the IRS here.

Second, the IRS has announced that individuals affected by Hurricane Harvey may be able to take a loan or hardship distribution from a qualified employer retirement plan (like a 401k) without penalty in order to alleviate hardships caused by the storm. The distribution must be made on or after August 23, 2017, and no later than January 31, 2018. However, certain requirements must be met by both the individual and the plan provider. Read more from the IRS here.

And, finally, the IRS recently released extensive safe harbor guidance for those who suffered losses from the recent U.S. hurricanes. Two separate revenue procedures outline a handful of different methods taxpayers can use to report loss not only of property damage from the storm itself, but also casualty and theft loss. Losses from Hurricane Harvey specifically can be claimed for the upcoming 2017 tax filing season. However, the IRS points out that updates have been made to 2016 forms, so if you suffered property losses in the past, you may want to review them for opportunities to amend your tax filing during that year. More from the IRS can be found here.

If you suffered losses due to Hurricane Harvey, you may be able to take advantage of these tax relief opportunities. For questions, feel free to contact us.

Image Copyright: hulv850627 / 123RF Stock Photo

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