Tax Relief for Victims of Hurricane Irma

IRS DEADLINE EXTENSIONS:

 
The Internal Revenue Service has granted extensions until January 31, 2018, for any tax return, extended tax return or tax payment that was or is due on or after September 4, 2017. This applies to any taxpayer who resides in or whose business is located in the Florida counties Alachua, Baker, Bradford, Brevard, Broward, Charlotte, Citrus, Clay, Collier, Columbia, DeSoto, Duval, Flagler, Gilchrist, Glades, Hardee, Hendry, Hernando, Highlands, Hillsborough, Indian River, Lake, Lee, Levy, Manatee, Marion, Martin, Miami-Dade, Monroe, Nassau, Okeechobee, Orange, Osceola, Palm, Beach, Pasco, Pinellas, Polk, Putnam, Sarasota, Seminole, St Johns, St Lucie, Sumter, Suwannee, Union, and Volusia.
 
Here is what this announcement means for those in the affected areas.
 

• Calendar year partnerships, LLCs and corporations on valid extension through September 15, 2017, now have until January 31, 2018, to file their tax returns (Forms 1065, 1120 and 1120S).
• Calendar year estates and trusts on valid extension through September 30, 2017, also have until January 31, 2018, to file their tax returns (Form 1041).
• Individual taxpayers on valid extension through October 16, 2017, now have until January 31, 2018, to file their tax returns (Form 1040).

 
Additionally, the quarterly individual and trust/estate estimated 2017 income tax payments due September 15, 2017, and January 15, 2018, do not have to be paid until January 31, 2018. Similarly any corporate or foreign partner withholding estimated 2017 income tax payments due on or after September 4, 2017, can be postponed without penalty or interest until January 31, 2018. 

If you have any questions about this or any other accounting related topic, please do not hesitate to contact us.