Archive for Tax Relief

IRS Announces Tax Relief For Victims Of Vermont Flooding

IRS Announces Tax Relief For Victims Of Vermont Flooding

WASHINGTON — Victims of flooding in Vermont that began on July 7, 2023, now have until Nov. 15, 2023, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today.

Following the disaster declaration issued by the Federal Emergency Management Agency, individuals and households affected by flooding that reside or have a business anywhere in Vermont qualify for tax relief. The declaration permits the IRS to postpone certain tax-filing and tax-payment deadlines for taxpayers who reside or have a business in the disaster area. For instance, certain deadlines falling on or after July 7, 2023, and before Nov. 15, 2023, are granted additional time to file through Nov. 15, 2023.

As a result, affected individuals and businesses will have until Nov. 15, 2023, to file returns and pay any taxes that were originally due during this period. This includes 2022 individual income tax returns due on Oct. 16, 2023. The IRS noted, however, that because tax payments related to these 2022 returns were due on April 18, 2023, those payments are not eligible for this relief.
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Changes To Enterprise Investment Scheme (EIS) And Seed Enterprise Investment Scheme (SEIS) Relief

Enterprise Investment Scheme and Seed Enterprise Investment Scheme relief are being considered by a large number of companies at the moment as a way of raising funds but at the same time enabling investors to obtain attractive income tax and capital gains tax reliefs.

A number of cases have been heard before the First tier and Upper Tribunals that demonstrate how easy it is to fall foul of the complex provisions granting these reliefs. Moreover, there have been a number of changes to the legislation in recent years, and more changes have been announced that will have a significant impact on the operation of the relief.

Risk To Capital Condition Read More

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Relief Is Here For Taxpayers Affected By California Wildfires

Nina Olson, Taxpayer Advocate

Taxpayers affected by the wildfires in California that began October 8, 2017 may qualify for tax relief from the Internal Revenue Service. The President declared that a major disaster exists in the state of California and as of October 16, 2017, the following counties are impacted:

 

  • Butte
  • Lake
  • Mendocino
  • Napa
  • Nevada
  • Sonoma
  • Yuba

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President Trump’s 2017 Disaster Tax Relief Bill

John Stancil, Tax Advisor

At long last, Congress and President Trump have given us a tax bill that provides some real relief for taxpayers impacted by this year’s hurricanes. The “Disaster Relief and Airport and Airport Extension Act of 2017” was signed by the President on September 29.

Although it deals with issues beyond hurricane relief, those issues are not the focus of this article and will not be discussed here. And there are some provisions relating to hurricane disaster losses that do not have widespread application and will not be discussed here.

There are four important segments to the hurricane relief granted by this act.

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IRS Provides Tax Relief to Houston Area Storm Victims; Tax Deadline Extended to Sept. 1

David Green

Texas storm victims, including those in the Houston area, will have until Sept. 1, 2016 to file their returns and pay any taxes due, the Internal Revenue Service announced today. All workers assisting the relief activities who are affiliated with a recognized government or philanthropic organization also qualify for relief. Read More

Written by | Posted in Income Tax • IRS • Tax Relief