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Macomb, Oakland and Wayne counties have been declared as federal disaster areas due to the damage caused by the severe storms and flooding in August. The declaration permits the IRS to postpone certain deadlines for affected taxpayers of the covered disaster areas.

 

Certain deadlines falling on or after August 11, 2014 and on or before January 15, 2015 have been postponed through January 15, 2015.These include filings or payments that have an original or extended due date within this time period. The following qualify for the postponement:

 

  • Individual, estate, trust, partnership, C corporation, S corporation income tax returns. Examples:
    • Corporations and businesses that previously obtained an extension until September 15, 2015 to file their 2013 returns
    • Individuals and businesses that previously obtained an extension until October 15, 2015 to file their 2013 returns
  • Estate, gift and generation skipping transfer tax returns
  • Employment and certain excise tax returns
  • Required tax payments (including estimated tax payments)

 

The postponement of time to file and pay does not apply to information returns in the W2, 1098 or 1099 series. Additionally, it does not apply to employment and excise tax deposits.

 

Affected taxpayers are eligible for postponement of time to file returns, pay taxes and perform other time-sensitive acts. The following is a list of affected taxpayers:

 

  • Individuals who live and businesses whose principal business is located in the covered disaster area
  • Taxpayers not located in the covered disaster area but whose records necessary to meet a tax deadline are located in the covered disaster area
  • Relief workers affiliated with a recognized government or philanthropic organization assisting in the relief activities in the covered area
  • Any estate or trust that has tax records located in a covered disaster area that are necessary to meet a filing or payment deadline

 

If an affected taxpayer receives a penalty notice from the IRS, the taxpayer should call the telephone number on the notice to have the IRS abate any interest and any late filing or late payment penalties that would otherwise apply. Penalties or interest will be abated only for taxpayers who have an original due or extended filing, payment or deposit due date, including an extended filing or payment due date, that falls within the postponement period.

 

The IRS automatically identifies taxpayers located in the covered disaster area and applies automatic filing and payment relief. Affected taxpayers who reside or have a business located outside of the covered disaster area must call the IRS hotline at 866 562 5227 to request this tax relief.

 

For more information, contact your local UHY LLP professional.