IRS: Several tax law changes may affect bottom line of many business owners
After additional disaster declarations by FEMA, the IRS has added more counties that are eligible for individual and public assistance in areas of Florida and Georgia affected by Hurricane Michael. As the agency did throughout the weekend in advance of the Oct. 15 extension deadline, the IRS will be updating IRS.gov as any additional counties receive major disaster declaration designations from FEMA, either for individual or public assistance.
“Hurricane Michael was a devastating storm for people in many different areas. During this difficult time, hurricane victims should be completely focused on their families, their safety and rebuilding their lives,” IRS Commissioner Chuck Rettig said. “These people shouldn’t have the added stress of worrying about Monday’s tax deadline. The IRS is providing extensions of the Oct. 15 deadlines and expanding relief for taxpayers affected by the hurricane.”
Following FEMA declarations, the IRS has updated information on the Hurricane Michael page outlining additional counties now listed in Florida and Georgia for individual and public assistance.
In addition, the IRS has also extended these deadlines for additional Hurricane Florence victims covered under FEMA public assistance declarations. This includes taxpayers in a number of counties in North Carolina, South Carolina and Virginia. Additional information is being added on these locations this afternoon on the Hurricane Florence page. Like Hurricane Michael, the IRS is offering relief to any major disaster declaration designated by FEMA as qualifying for individual or public assistance under Hurricane Florence.
Taxpayers in these areas receive the extensions automatically. For other victims, the IRS reminds taxpayers that they will work with people located outside these counties currently listed by FEMA. The help is also available to workers assisting with relief activities with a recognized government or philanthropic organization. Full details are available at IRS News Release 2018-199 and the Hurricane Michael page.