IRS Continues Relief Efforts across the U.S.
It is common that in times of great disaster in the United States, that the IRS will lend a helping hand. This is typically in the way of tax relief, filing deadline relief, etc.
Just within the last month the IRS announced penalty relief for late filed tax returns if you were required to file a Partnership Tax Return (1065). The deadline changed this year for that type of return to March 15th (or the next business day if that falls on a holiday or weekend). The previous deadline was April 15th, which would have actually made this year’s deadline April 18th. Thus, knowing that some taxpayers would not be aware of the new deadline, the IRS has allowed relief from the late filing penalty so long as the taxpayer filed by the old deadline (April 18th), or filed an extension by that date.
In addition, the IRS has recently announced Hurricane Harvey relief. They relaxed the rules for loans and hardship distributions from retirement accounts, waived the diesel fuel penalty, and several other items.
Now with the Hurricane that affected Florida and the horrible tragedy in Las Vegas, we will watch for other tax relief that the IRS will continue to announce. Especially as we near the extension filing deadlines.
As many of you know I travel to Las Vegas frequently on work and conventions and we have an office in Florida and many clients throughout that State. Our thoughts and prayers go out to all that were affected by these disasters.
If anyone needs any information on potential tax relief available to them, please do not hesitate to contact our office for more information at 618-997-3436 or check us out on the web at www.taxplanning.com