Taking their lead from the Federal Emergency Management Agency (FEMA), the Internal Revenue Service has expanded its tax relief measures along with the Hurricane Matthew disaster declaration area. That means storm victims in North Carolina, South Carolina, Georgia and Florida have been given an extension of time to file certain individual and business returns and make certain tax payments until March 15, 2017.
The action includes an additional extension for those taxpayers who had valid extensions to file until midnight on Oct. 17.
The IRS is now offering expanded relief to any area designated by FEMA as qualifying for either individual assistance or public assistance. In addition, taxpayers in counties that happen to be added later to the disaster area automatically get the same filing and payment relief.
As a result of this tax relief measure, taxpayers and businesses within the affected areas now have until March 15, 2017 to file returns and pay taxes normally due during the period. That would include the Jan. 17 deadline for quarterly estimated tax payments. It does not, however, include any tax due payments on individual 2015 tax returns, since those were due on the original deadline of April 18, 2016. Those payments are not part of the relief package.
For businesses, the measure pushes back the Oct. 31 and Jan., 31 deadlines for quarterly payroll and excise tax returns, as well as the March 1 deadline for those farmers or fishermen who choose not to make quarterly estimated tax payments.