Is Your Business Eligible for Disaster Tax Relief?

Date: October 03, 2017

Related Content: News State Georgia

Hurricane Irma victims in all of Georgia can receive tax extension, per IRS.

If your business suffered damage from Hurricane Irma, you may have more time to make your tax payments. According to Forbes, the IRS announced last month that Hurricane Irma victims in the entire state of Georgia are eligible for disaster tax relief.

This means that the tax filing and payment deadlines that began on Sept. 7, 2017, will be delayed until Jan. 31, 2018. Any returns and payments that were due during this period—including Sept. 15 and Jan. 16 quarterly estimated tax payments, individual returns on extension, tax-exempt organizations on exemption, and businesses with exemptions that expired on Sept. 15, 2017—will now be Jan. 31.

Late-deposit penalties for federal payroll and excise tax deposits normally due during the first 15 days of the disaster period are also waived as part of this disaster tax relief. Tax professionals who have been affected by Irma and are thus unable to meet a tax-filing or payment deadline for clients who are located outside the disaster area are also covered by the relief.

While the IRS automatically provides this relief to anyone with an IRS address record located in the disaster area, it will also work with taxpayers who live outside the disaster area but whose records are located in the affected area (contact the IRS at 1-866-562-5227). If you receive a late filing or late payment penalty notice from the IRS, however, call the number on the notice to have the penalty removed.

And, if you haven’t already, check out NFIB’s guide to navigating the claims process in disaster recovery and to establishing a disaster plan for your business.

Related Content: News | State | Georgia

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