IRS Announces Tax Relief to Victims of Michigan Storms
TAX ALERT |
Individuals who reside or have a business in Bay, Gladwin, Isabella, and Midland counties and the Saginaw Chippewa Tribe within Isabella County may qualify for the tax relief. The relief provisions extent to those businesses with a principal place of business located in the covered counties, taxpayers located outside of those areas but whose records are necessary to meet filing deadlines listed in Treas. Reg. § 301.7508A-1(c) are in the disaster area, government and philanthropic relief workers assisting in the relief activities in the disaster areas and any visiting individual killed or injured as a result of the disaster.
The grant of relief by the IRS gives affected taxpayers until Oct. 31, 2017 to file most tax returns ( e.g. individual, entity, estate, gift, and employment) that have either an original or extend due date occurring on or after June 22, 2017 and before Oct. 31, 2017. Taxpayers with estimated tax installments due during that same period are not subject to penalties for failure to pay estimated tax so long as the payments are paid on or before Oct. 31, 2017.
Taxpayers needing to obtain lost or destroyed previously filed tax returns may request copies without any processing fees. The IRS will waive usual fees and expedite request for copies of previously filed tax returns for affected taxpayers.
Affected taxpayers in the stated federally declared disaster areas have the option of claiming disaster-related casualty losses on their federal income tax return for either the year in which the event occurred, or the prior year.
Taxpayers located in or near the affected areas should contact their tax advisor to determine if the announcement applies to them and how best to pursue any needed relief provided by the IRS as a result of the severe weather and flooding.