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Wednesday October 26, 2016

Washington News

Washington Hotline

New Hurricane Matthew Tax Relief

On October 17 the IRS announced in IR-2016-135 that it will provide additional tax relief to victims of Hurricane Matthew. The relief will apply to affected counties in North Carolina, South Carolina, Georgia and Florida. Tax deadlines on or after October 4, 2016 are generally extended to March 15, 2017.

Some taxpayers in the affected counties had filed for an extension on their 2015 tax returns. The tax extension filing date of October 17, 2016 is now extended to March 15, 2017.

There are other tax waivers in the announcement. If your business was due to deposit tax funds or excise tax amounts between October 4 and October 19, the IRS will waive the late-deposit penalties as long as the amounts are paid by October 19.

If you are in one of the disaster counties and lost your records, the IRS will provide assistance if you call 866-562-5227. In addition, workers who are assisting recognized government or relief organizations may also qualify for the more lenient tax deadlines.

If you have uninsured or disaster losses as a result of Hurricane Matthew, you have an option to deduct them on your 2016 return or on your 2015 return. IRS Pub. 547 may be helpful in choosing the best option.

Editor's Note: If you plan to use the later tax filing deadline, you should check to be certain that your county qualifies. The affected counties are listed in IRS letter IR-2016-135.

Published October 21, 2016

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