Tax Blog

Louisiana Flood Victims Receiving a Break from the IRS

As everyone knows Louisiana has been hit with major flooding over the past 2 weeks. The numbers on this are amazing; nearly 7 thousand billion gallons of water fell on Louisiana in one week, 60,000 homes have been damaged and 12 Parishes have been declared disaster areas. In addition to that, 13 people have died and this could be one of the largest disaster, in terms of monetary damages ever in the history of this country.

In response to this, the IRS has extended certain deadlines for those in the affected 12 counties of East Baton Rouge, Livingston, St. Helena, Tangipahoa, Acadia, Ascension, East Feliciana, Iberia, Lafayette, Pointe Coupee, St. Landry, and Vermilion.

Specifically, individuals with extensions to file their individual tax returns for 2015, now have until October 17th. In addition, the September 15 deadline for making quarterly estimated payments, the 2015 partnership and corporate returns with extensions valid through September 15th, and the October 31 deadlines for quarterly payroll and excise tax returns, all now have until January 17, 2017 to file and pay taxes.

The IRS has also authorized the use of loans from 401k and 403b plans as hardship distributions. In order to qualify for this treatment, the hardship withdrawals must be made by January 17th.

We’d like to praise and thank the IRS and the rest of the country for showing support for those deeply affected by this event. Our thoughts and prayers go out to the people and families affected.

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The Center for Financial, Legal & Tax Planning, Inc.

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