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Tax Effects Of A FEMA Disaster Declaration



If your county has been declared a FEMA disaster area due to the recent hurricanes, you have more time to file your tax returns and make certain tax payments. Individual and business income tax returns that previously received extensions to October 16 and September 15, respectively are now due January 31, 2018. Tax-exempt organizations who received an extension will have their return due date extended likewise.

In addition, any tax payment deadline of September 4 or later has been extended until January 31, 2018. This includes estimated quarterly payments for Third and fourth quarter 2017. Individual tax returns that were originally due April 18, 2017 and received a six-month extension are not eligible for the extended due date, as that payment was actually due in April, 2017.

For businesses, quarterly payroll and excise tax returns due October 31. 2017 are extended until January 31, 2018. Late deposit penalties for payroll and excise deposits that were due during the first 15 days of the disaster period are waived.

These extensions are automatic, if the IRS assesses a penalty you can call the number on the penalty notice to receive an abatement.

If a taxpayer’s address is outside the declared disaster area, but the tax records or the return preparer’s is within that area, contact the IRS at 866-562-5227 and request the extension. For a list of covered counties, go to https://www.irs.gov/newsroom/help-for-victims-of-hurricane-irma. The list is frequently updated, so it may not be fully current.

Have questions? Contact John Stancil

Dr. John Stancil (My Bald CPA) is Professor Emeritus of Accounting and Tax at Florida Southern College in Lakeland, FL. He is a CPA, CMA, and CFM and passed all exams on the first attempt. He holds a DBA from the University of Memphis and the MBA from the University of Georgia. He has maintained a CPA practice since 1979 with an emphasis in taxation. His areas of expertise include church and clergy tax issues and the foreign earned income credit. He prepares all types of returns, individual and business.

Dr. Stancil has written for the Polk County Business Journal and has presented a number of papers at academic conferences. He wrote the Instructor’s Manual for the 13th edition of Horngren’s Cost Accounting. He is published in the Global Sustainability as a Business Imperative, Green Issues and Debates, The Encyclopedia of Business in Today’s World, The Palmetto Business Review, The CPA Journal, and in the NATP TaxPro Journal. His paper, “Building Sustainability into the Tax Code” was recognized as the outstanding accounting paper at the annual meeting of the South East InfORMS. He wrote a book entitled “Tax Issues Faced by U. S. Missionary Personnel Abroad ” that will soon be published.

He has recently launched a new endeavor, Church Tax Solutions, which presents online, on demand seminars on various church and clergy tax issues.

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3 comments

  1. Charles H says:

    How about estate tax returns due between last Monday and 1/31/18?

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