Hurricane Harvey has caused devastation throughout Texas. The Internal Revenue Service (IRS) stated in a news release that various forms of tax relief are available for qualifying victims of this storm.
Three examples include:
- Extensions. Extensions to filing deadlines are available. This allows victims to focus on taking care of immediate needs and worrying about their tax paperwork at a later date. The deadline for certain individual and business returns was extended to January 31 of 2018.
- Removal of penalties. The agency also waived certain penalties. Examples include late-deposit penalties that are applied if federal payroll and excise tax deposits are not provided on time. These payments are normally due on or after August 23 and before September 7, 2017. The deposit is required by Sept. 7, 2017 to qualify.
- Automatic relief. The agency also notes that these forms of relief are automatic. Taxpayers are not required to file to request the offered relief. The IRS automatically applies them to those who live within qualifying areas. At this time, those areas include the counties of Aransas, Calhoun, Galveston and Wharton. The IRS may add counties in the future.
A publication by Forbes also notes that relief can extend beyond those who are directly impacted by these storms. Individuals with records that are kept in the impacted area as well as those who partake in relief activities with a charitable organization may also qualify for some form of relief.
In the event that there is an error and you are contacted about collection efforts by the IRS, it is wise to seek legal counsel. An experienced tax attorney can discuss what solutions are available and help find a resolution.