The Internal Revenue Service is giving taxpayers who were affected by Hurricane Harvey a break on filing quarterly returns, News Radio 1200 WOAI reports.
"For either individual returns, or business or other entity returns, the IRS is allowing an extra extension of time before anyone has to file those returns," said Carrie Lobasso, a senior manager with San Antonio's ATKG Accountants.
As the IRS puts it: "The tax relief postpones various tax filing and payment deadlines that occurred starting on Aug. 23, 2017. 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."
Lobasso explains: "For people who have to make estimated tax payments, quarterly estimated tax payments, their third quarter payment, which would have been due September 15, and their fourth quarter, which would have been due January 15th, have both been extended to the January 31 timeline."
The benefit accrues to taxpayers who live in one of the counties which have been designated by FEMA as 'qualifying for individual assistance.' But LoBasso says even if you don't live in one of those counties, you may be eligible for relief as well.
"Even if you don't have an address that is in the disaster area, but you are relying on books and records that come from the disaster area, call the IRS and there is a possibility that you also will be granted an extension."
She says if your address is in the disaster county, the extension is automatic. If you will argue that your financial documents are in a disaster area, LoBasso says you'll have to call the IRS and request relief.