As Floridians know, Hurricane Irma was a hard and emotional time for everyone affected. Glued to the T.V., no one was focused on anything but the hurricane coverage. We think it’s safe to assume that when a category 5 hurricane hits the last thing on anyone’s mind is their taxes. But now that the hurricane has passed, many are struggling to gather and file their taxes with the IRS. Luckily, the IRS is making it a little easier for Florida taxpayers this season.
What the IRS is offering
Most people don’t think of the IRS as a helping hand, but our CPAs know how the IRS can help and we want to make sure that disaster relief efforts reach you. Recently, the IRS posted an article detailing some of the offerings they will be making to Florida taxpayers this tax season. The article states that “The tax relief postpones various tax filing and payment deadlines that occurred starting on Sept. 4, 2017 in Florida. As a result, affected individuals and businesses will have until Jan. 31, 2018, to file returns and pay any taxes that were originally due during this period.”
The IRS goes on to say that individuals may deduct damage and losses to personal property that are not covered by their insurance or by reimbursement. There are specific instructions on how to fill out the form to expedite the refund process. “Affected taxpayers claiming the disaster loss on a 2016 return should put the Disaster Designation, “Florida, Hurricane Irma” at the top of the form so that the IRS can expedite the processing of the refund.”
Make sure you are using red ink when filing a 4506 Form which is a “Request for Copy of Tax Return” and the 4506-T form which is a “Request for Transcript of Tax Return” according to the IRS.
Find Out If You Qualify For Tax Relief
The IRS is offering penalty extensions and grants to 67 counties. You can find the list of counties on the IRS website to see if you qualify. Floridians with returns that were due on April 18, 2017 do not qualify for these relief efforts. You can find more information on the IRS website to see if you qualify.
The IRS will also waive expedition request fees for previously filed returns, but only for those taxpayers who were affected. If you receive a call from the IRS concerning collections and are in a qualifying affected area, explain how Irma has impacted you as the IRS will make considerations for your case. Our CPAs are well versed in these considerations and challenges you may face. We will make sure you get the relief efforts you qualify for and need.
We Can Help
We know tax season is stressful and that’s why we want to help you! Let our CPAs interpret and file IRS documents for you so that you can focus on rebuilding your business or property. Our best wishes go to those who have lost their homes to Hurricane Irma and those who are desperately trying to rebuild. Relieve your stress and visit us at http://www.egortcpa.com/ to schedule your consultation.
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