Don’t forget the 1/31/18 due date!

Many tax return deadlines were extended to 1/31/18 due to Hurricanes Harvey, Irma, and Maria; and the California wildfires. The tax return deadlines that are extended are based upon the relief period designated by the IRS.

If the tax return deadline is during the relief period designated by the IRS for your storm or fire and location, then the new tax return deadline is 1/31/18.

It is important to start working on the tax return well before the extended deadline to avoid getting assessed an IRS late filing penalty which can be quite large. i.e $10,000, $12,000, etc.

Please see the dates for your particular hurricane and location, or fire below.

 

Hurricane Location IRS relief period New extended deadline date
Harvey Texas 8/23/2017 through 1/30/18 1/31/2018
Harvey Louisiana 8/27/2017 through 1/30/18 1/31/2018
Irma Florida 9/4/2017 through 1/30/18 1/31/2018
Irma South Carolina 9/6/2017 through 1/30/18 1/31/2018
Irma Georgia 9/7/2017 through 1/30/18 1/31/2018
Irma Puerto Rico 9/5/2017 through 1/30/18 1/31/2018
Maria Puerto Rico 9/17/2017 through 1/30/18 1/31/2018
Maria US Virgin Islands 9/16/17 through 1/30/18 1/31/2018

 

Wildfire California 10/8/17 through 1/30/18 1/31/2018

What type of tax returns does it include?

It includes most tax returns including individual, corporate, partnership, S corporation, payroll, employment, certain excise tax returns; estate and trust income tax returns, gift, and generation-skipping transfer tax returns as long as an extension was filed on time if the original due date of the tax return was prior to the IRS relief period.

For example, if you filed a timely extension allowing you to file your Form 1040 Individual Income tax return by 10/15/17, then you will have until 1/31/18 to file without incurring a late filing penalty.

Another example is if your business paid payroll and you were required to file a Form 941 by 10/31/17, then the deadline to file that return has been extended to 1/31/18.

Who is covered?

Those individuals and businesses whose principal place of residence or principal place of business is in the federally declared disaster area.

Any individual or business whose records that are needed to meet the IRS deadline are located in the federally declared disaster area.

Any individual who is a relief worker affiliated with a recognized government or philanthropic organization and who is assisting in the federally declared disaster area.

If you feel you or your business should be covered, but don’t necessarily meet the above guidelines, then call IRS Tax Fighters at 888-959-2671 for help.

Do you need to do anything to get the extended deadline?

The IRS’ computer system will automatically make the adjustment based upon the mailing address of you or your business. However, if the address of you or your business is not in the federally declared disaster area and you feel you qualify for the extended deadline, then call IRS Tax Fighters at 888-959-2671.

The IRS is normally very good in determining who should and should not receive a late filing penalty in these instances. However, sometimes mistakes are made. If you receive a notice of penalty and you feel you qualify for the postponed deadline, call IRS Tax Fighters at 888-959-2671.

It’s really a good idea to start working on completing the tax returns now. January 31 may seem like a long time from now, but time passes quickly and the penalties for late filing can be extremely large. i.e. $10,000, $12,000, etc. Call IRS Tax Fighters at 888-959-2671 for your tax preparation needs.

We resolve and prevent tax problems with the ultimate goal of helping you reduce your annual tax debt, increase your wealth, and move toward financial freedom.



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