Victims of the severe storms and flooding that took place beginning on March 7, 2016 in parts of Texas may qualify for tax relief from the Internal Revenue Service. The President has declared that a major disaster exists in the State of Texas. Following the recent disaster declaration for individual assistance issued by the Federal Emergency Management Agency, the IRS has announced that affected taxpayers in Texas will receive tax relief. The declaration permits the IRS to postpone certain deadlines for taxpayers who reside or have a business in the disaster area. For instance, certain deadlines falling on or after March 7, and on or before July 15, 2016 have been postponed to July 15, 2016. This includes 2015 income tax returns normally due on April 18.
The postponement of time to file and pay does not apply to information returns in the W-2, 1098, 1099 series, or to Forms 1042-S or 8027. Penalties for failure to timely file information returns can be waived under existing procedures for reasonable cause. Likewise, the postponement does not apply to employment and excise tax deposits. The IRS, however, will abate penalties for failure to make timely employment and excise tax deposits due on or after March 7 and on or before March 22, provided the taxpayer made these deposits by March 22, 2016. Affected taxpayers in a federally declared disaster area have the option of claiming disaster-related casualty losses on their federal income tax return for either the year in which the event occurred, or the prior year.
Certified Installers take note: Perma-Liner Industries would like to invite you to our Refresher Training (Perma-Lateral ™specific) that will take place on July 12th and 13th at our Clearwater facility!! Please plan on attending. Register by calling 1-866-336-2568 or Click Here! See you then!