For those who have been affected by the devastating floods and other issue brought upon by Hurricane Isaac, the IRS extends deadlines to provide relief.
The IRS, taking note of the state of disaster declared as a result of the hurricane issued by the Federal Emergency Management Agency (FEMA), announced that those taxpayers who were affected by the storm in Louisiana and Mississippi will be the recipients of tax relief. Although those states are the only one announced as of yet, there may be more areas included as the situation is assessed further by FEMA.
The tax relief encompasses a postponement on filing and payment deadlines that occurred on or after August 26th. The new deadline date for those individuals and businesses who felt the effects of the hurricane is January 11, 2013. Corporations and businesses who already filed extensions for their 2011 returns that would expire on September 17, 2012, and individuals and businesses who received an Oct. 15 extension, are also included in the disaster extension issued by the Internal Revenue Service.
In accordance with the deadline extension, the IRS will abate any interest, late-payment, or late filing penalty that would otherwise apply to those who miss the deadlines set forth.
For those who are seeking more information about the tax relief provided by the IRS, please visit the website. If you have any other questions in regards to tax issues, please contact your competent tax professional.
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