Posts Tagged ‘Hurricane.Irma’

January 31st Tax Deadlines: 2016 Hurricane Extensions and Information Returns

Wednesday, January 24th, 2018

We’re one week away from the first tax deadline of the 2018 Tax Season along with the final tax deadline for filing 2016 tax returns.

Taxpayers on extension for filing 2016 tax returns because of Hurricanes Harvey, Irma or Maria have until next Wednesday, January 31st, to file their 2016 tax returns. Those tax returns can either be mailed, or beginning this coming Monday (January 29th) they can be electronically filed. This extension also holds for taxpayers impacted by the Northern California wildfires.

FBAR filers on extension because of Hurricanes Harvey, Irma, or Maria have until next Wednesday, January 31st, to file their 2016 FBARs. Those returns must be efiled through the BSA efiling system. This extension also holds for taxpayers impacted by the Northern California wildfires.

The deadline for mailing out most 1099s to recipients is next Wednesday, January 31st. That’s a postmark deadline, not a receipt deadline.

The deadline for filing 1099-MISC’s showing “Nonemployee Compensation” (box 7) with the IRS is next Wednesday, January 31st. Those 1099s can either be mailed (if mailed, Form 1096 must be included as a cover page) or efiled (if you’re an authorized e-filer of information returns) through the IRS FIRE system.

Harvey and Irma Relief Includes the FBAR

Wednesday, September 13th, 2017

Taxpayers with $10,000 aggregate in one or more foreign financial accounts must file an FBAR (Report of Foreign Bank and Financial Accounts, Form 114) with the Financial Crimes Enforcement Network (FINCEN). FINCEN has announced on their website that they are following the IRS’s lead and extending the due date for account holders impacted by Hurricanes Harvey and Irma until January 31, 2018.

IRS Gives Tax Deadline Relief to Victims of Hurricane Irma

Tuesday, September 12th, 2017

The IRS today announce that they are extending tax filing deadlines for victims of Hurricane Irma to January 31, 2018. The relief applies to any area designated by FEMA as qualifying for individual assistance (areas in Florida, Puerto Rico, and the Virgin Islands currently). Here is the pertinent part of the IRS announcement:

The tax relief postpones various tax filing and payment deadlines that occurred starting on Sept. 4, 2017 in Florida and Sept. 5, 2017 in Puerto Rico and the Virgin Islands. 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 making quarterly estimated tax payments. For individual tax filers, it also includes 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.

A variety of business tax deadlines are also affected including the Oct. 31 deadline for quarterly payroll and excise tax returns. Businesses with extensions also have the additional time including, among others, calendar-year partnerships whose 2016 extensions run out on Sept. 15, 2017 and calendar-year tax-exempt organizations whose 2016 extensions run out on Nov. 15, 2017. The disaster relief page has details on other returns, payments and tax-related actions qualifying for the additional time.

In addition, the IRS is waiving late-deposit penalties for federal payroll and excise tax deposits normally due during the first 15 days of the disaster period. Check out the disaster relief page for the time periods that apply to each jurisdiction.

The IRS automatically provides filing and penalty relief to any taxpayer with an IRS address of record located in the disaster area. Thus, taxpayers need not contact the IRS to get this relief. However, if an affected taxpayer receives a late filing or late payment penalty notice from the IRS that has an original or extended filing, payment or deposit due date falling within the postponement period, the taxpayer should call the number on the notice to have the penalty abated.

In addition, the IRS will work with any taxpayer who lives outside the disaster area but whose records necessary to meet a deadline occurring during the postponement period are located in the affected area. Taxpayers qualifying for relief who live outside the disaster area need to contact the IRS at 866-562-5227. This also includes workers assisting the relief activities who are affiliated with a recognized government or philanthropic organization.