IRS Provides Relief for Victims of Hurricane Laura in Louisiana

The IRS announced relief for taxpayers affected by Hurricane Laura in Louisiana.

Tax Relief Offered

Postponement of specified tax filing and payment deadlines:

• Individuals and businesses will have until December 31, 2020, to file returns and pay taxes due between August 22, 2020, and December 31, 2020. (For Example: Individuals and C Corporations with tax returns extended to October 15 will now have until December 31 to file and pay.)
• Quarterly estimated income tax payments due on September 15, 2020, and December 15, 2020, are now due on December 31, 2020.
• Quarterly payroll and excise tax returns and payments, normally due on November 2, 2020, will now be due December 31, 2020.
• Calendar year tax-exempt organizations with valid extensions to November 16, 2020, will have until December 31, 2020, to file.
• Penalties on payroll and excise tax deposits due after August 22, 2020, and before September 8, 2020, will be abated, as long as the deposits are made by September 8, 2020.

Affected Taxpayers

Areas designated by FEMA currently include:

• Allen Parish
• Beauregard Parish
• Calcasieu Parish
• Cameron Parish
• Jefferson Davis Parish
• Vernon Parish

The relief applies automatically to any taxpayer with an IRS address of record located in any of these designated disaster areas. If the taxpayer has an address outside of a disaster area, but has records within the disaster area that are needed to meet the filing and payment deadlines, relief is not automatic. The IRS will be available to discuss the matter. These taxpayers should contact the IRS at 866-562-5227 for further inquiries.

Should you or your businesses be affected by Hurricane Laura, contact your Marcum tax advisor for guidance.