On Wednesday, the IRS announced that affected taxpayers of the severe storms and flooding that took place beginning on April 17, 2016 who reside or have a business in Fayette, Grimes, Harris and Parker Counties may qualify for tax relief may qualify for tax relief from the Internal Revenue Service.
The President has declared that a major disaster exists in the State of Texas. The declaration permits the IRS to postpone certain deadlines for taxpayers who reside o…r have a business in the disaster area. Therefore, certain deadlines falling on or after April 17, and on or before September 1, 2016 have been postponed to September 1, 2016. This includes 2015 income tax returns normally due on April 18.
It also includes the April 18 and June 15 deadlines for making quarterly estimated tax payments. A variety of business tax deadlines are also affected including the May 2 and August 1 deadlines for quarterly payroll and excise tax returns.
In addition, the IRS is waiving the failure-to-deposit penalties for employment and excise tax deposits due on or after April 17 as long as the deposits were made by May 2, 2016.
If an affected taxpayer receives a late filing or late payment penalty notice from the IRS that has an original or extended filing, payment or deposit due date that falls within the postponement period, the taxpayer should call the telephone number on the notice to have the IRS abate the penalty.
The IRS automatically identifies taxpayers located in the covered disaster area and applies automatic filing and payment relief. But affected taxpayers who reside or have a business located OUTSIDE the covered disaster area must call the IRS disaster hotline at 866-562-5227 to request this tax relief.