IRS gives more disaster victims time to make tax payments

Disaster victims in parts of North Carolina and South Carolina will have more time to make some tax payments in the wake of Hurricane Florence.

Much of coastal North Carolina and South Carolina are still recovering from massive flooding after Hurricane Florence made landfall on Sept. 14. As a result, the IRS has announced that certain counties in South Carolina and additional counties in North Carolina designated by the Federal Emergency Management Agency (FEMA) as federal disaster areas are eligible the tax relief.

This relief postpones various tax filing and payment deadlines that occurred starting Sept. 7, 2018, in North Carolina and on Sept. 8 in South 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. Relief workers assisting in a covered disaster area, regardless of whether he or she is affiliated with a recognized government or philanthropic organization also is eligible.

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.

The specific jurisdictions included in the federal disaster areas, visit the IRS website. If you are uncertain if you would qualify for this tax relief, please contact our office.