Those who live or who own businesses in the federally declared disaster areas across the Southeast following severe storms and tornadoes in January will have additional time to file and pay taxes.
The IRS has announced that certain counties in Georgia and Mississippi will now have until May 31, 2017, to file their income tax returns and make quarterly estimated tax payments that would normally be due in January and April.
In Georgia, those taxpayers who reside or own businesses in Dougherty County are eligible for this extended deadline as a result of the deadly severe storms, tornadoes and straight-line winds that came through the area January 2.
Taxpayers there have until May 31 to file 2016 income tax returns that normally would be due April 18, 2017, as well as make quarterly estimated tax payments that would normally be due January 18 and April 18.
Four counties in Mississippi were affected by severe storms, tornadoes and straight-line winds that took place January 20. Residents and business owners in Forrest, Lamar, Lauderdale and Perry counties will have until May 31 to file their 2016 income tax returns. These taxpayers also have until May 31 to make their quarterly estimated tax payments originally due April 18 and estimated income tax payments that would have been due on or after January 20.
President Donald Trump declared on January 25 both these areas to be federal disaster areas and eligible for federal funding assistance.
According to the IRS those eligible for the postponement are:
- Those individuals whose principal residence, and any business entity whose principal place of business, is located in the counties designated as disaster areas;
- Any individual who is a relief worker assisting in a covered disaster area, regardless of whether he is affiliated with recognized government or philanthropic organizations;
- Any individual whose principal residence, and any business entity whose principal place of business, is not located in a covered disaster area, but whose records necessary to meet a filing or payment deadline are maintained in a covered disaster area;
- Any estate or trust that has tax records necessary to meet a filing or payment deadline in a covered disaster area; and
- Any spouse of an affected taxpayer, solely with regard to a joint return of the husband and wife.
In addition to most tax returns and estimated tax payments being eligible for the delay, other time-sensitive actions, such as filing Form 5500 series, could also be postponed.
The delayed deadline does not apply, however, to information returns, such as W-2, 1098, 1099, 5498 series, or to Forms 1042-S or 8027. Furthermore, employment and excise tax deposits must be made as normal.
Please let us know if you have any questions about these deadlines.