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Tax Update: Hurricane Harvey Victims in Texas Qualify for Tax Relief

Per the IRS, victims of Hurricane Harvey are now eligible for individual assistance. This means victims of the hurricane will have more time to make tax payments and file tax returns. FEMA has currently designated 18 counties in Texas where taxpayers are eligible to postpone selected filings and tax payments.  The counties include the following: Aransas, Bee, Brazoria, Calhoun, Chambers, Fort Bend, Galveston, Goliad, Harris, Jackson, Kleberg, Liberty, Matagorda, Nueces, Refugio, San Patricio, Victoria, and Wharton.

 

 

Who gets relief? Affected taxpayers include the following:

  • Any individual whose principal residence is located in the designated county;
  • Any business entity whose principal place of business is located in the designated county;
  • Any individual who is a relief worker assisting in the designated county;
  • Any individual or business entity whose address is not located in a designated county but whose records necessary to filing or payment deadline are maintained in a designated county;
  • Any estate or trust that has tax records necessary to meet a filing or payment deadline in a designated county; and
  • Any spouse of an affected taxpayer, solely with regard to a joint return.

What returns may be postponed?

  • Individual
  • Estate
  • Trust
  • Partnership
  • C and S Corporation
  • Estate
  • Gift
  • Generation-Skipping Transfer
  • Employment
  • Certain Excise Tax

The tax relief provided by the IRS postpones various tax filing and payment deadlines that occurred starting on August 23, 2017.  Those affected will have until January 31, 2018 to file returns and pay any taxes that were originally due between now and January 16, 2018.  The postponement of time to file and pay does not apply to information returns in the W-2, 1098, 1099 or 5498 series, or to Forms 1042-S or 8027.

IRS Commissioner John Koskinen notes that while 18 counties listed above are currently eligible for relief, he anticipates the IRS will provide additional relief for other affected areas in the near future.

– Thomson Reuters, United States Tax Reporter, IR 2017-135