In the aftermath of Hurricane Florence, the IRS has extended tax filing deadlines for those individuals and businesses in certain parts of North Carolina.
Much of coastal North Carolina is suffering from flooding in the aftermath of the storm that made landfall on Sept. 14. Many roads remain underwater or blocked by downed trees. The city of Wilmington has been described as an island inaccessible by land.
Therefore, any taxpayer in an area designated by the Federal Emergency Management Agency (FEMA) is eligible for the tax relief. This relief postpones various tax filing and payment deadlines that occurred starting Sept. 7, 2018, in North Carolina. Affected businesses and individuals will have until Jan. 31, 2019, to file returns and pay any taxes that were originally due during this period.
This includes quarterly estimated tax payments due Sept. 17, 2018, and the quarterly payroll and excise tax returns normally due Sept. 30, 2018.
Businesses with extensions will also have additional time, including calendar-year partnerships whose 2017 extensions expire Sept. 17, 2018. Taxpayers who had a valid extension to file their 2017 return due to expire Oct. 15, 2018, also will have more time to file.
If you or your business is located in a federally declared disaster area and receive a late filing or late payment penalty notice from the IRS for payment due that falls within the postponement period, contact us immediately.
Likewise, if you live outside the affected area but your necessary records for meeting a tax deadline are located in the disaster area, please contact our office.
We will let you know as more jurisdictions are added to the list of localities eligible for the disaster relief.