Hurricane Harvey Tax Relief

Hurricane Harvey Tax Relief

Updated September 25, 2017

Victims of the flooding and storms in Texas now have additional time to file time-sensitive materials with the IRS. The designated disaster area covers the following counties:

Aransas, Austin, Batrop, Bee, Bexar, Brazoria, Burleson, Calhoun, Chambers, Colorado, Dallas, DeWitt, Fayette, Fort Bend, Galveston, Goliad, Gonzales, Grimes, Hardin, Harris, Jackson, Jasper, Jefferson, Karnes, Kleberg, Lavaca, Lee, Liberty, Madison, Matagorda, Montgomery, Newton, Nueces, Orange, Polk, Refugio, Sabine, San Jacinto, San Patricio, Tarrant, Travis, Tyler, Victoria, Walker, Waller, Washington, and Wharton

Who Gets Tax Relief?

Affected taxpayers, including:

-Individual whose principal residence, or business entity whose principal place of business, is located in the designated area

-Individual who is a relief worker assisting in a covered disaster area (regardless of affiliation with government or philanthropic organizations)

-An individual or business entity whose records, necessary to meet a filing or payment deadline, are maintained in a covered disaster area

-Any estate or trust that has tax records necessary to meet a filing or payment deadline in a covered disaster area, and

-Any spouse of an affected taxpayer (only if filing jointly)

What May Be Postponed?

The IRS gives affected taxpayers, whose original or extended due date falls on or after August 23, 2017, until the extended date (as explained below) to file most types of returns. These include:

-Individual, estate, trust, partnership, C corporation, and S corporation income tax returns

-Estate, gift, and generation-skipping transfer tax returns 

-Employment and certain excise tax returns and

-Tax payments, including estimated tax payments

The final extended date for the aforementioned counties affected by Hurricane Harvey is January 31, 2018. This extension includes quarterly estimated tax payments due 9/15/17 and 1/16/18, individual income tax returns for which taxpayers received a filing extension until 10/16/17, the 10/31/17 deadline for quarterly payroll and excise tax returns, and returns of tax-exempt organizations with an original or extended filing deadline falling within the postponement period. The postponement of time to file and pay does not apply to information returns in the W-2, 1098 or 1099 series. The extended date DOES NOT apply to employment and excise tax deposits. The deposit delayed date for employment and excise taxes is September 7, 2017.

Updates from the IRS on any filing and payment extensions can be found on their website:

                                https://www.irs.gov/newsroom/news-releases-for-current-month

Hurricane Irma and the East Coast

The potential effects of Hurricane Irma are not yet known. With Irma moving toward Florida and the east coast, it is important for both clients and preparers to listen to local authorities, take precautions, and stay safe. Below are some helpful links should Irma, or any future storm, make landfall near you:

                How to prepare for and respond to a hurricane:

                                https://www.ready.gov/hurricanes

                Up to date information on active tropical storms and hurricanes:

                                http://www.nhc.noaa.gov/

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The Cultural Alliance of Greater Washington has worked with Bormel, Grice & Huyett, P.A., since 1988. Their knowledge of the arts and the arts community make their services invaluable. They can translate accounting terminology into a comprehensive language. For many organizations, the accounting firm of Bormel, Grice & Huyett provides the financial "information bridge." We whole-heartedly recommend Bormel, Grice & Huyett, excellent accountants who care about our arts organizations.
Jennifer Cover Payne, Executive Director, Cultural Alliance of Greater Washington

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