08 / 16 / 16

IRS Provides Tax Relief To Louisiana Storm Victims

On August 11, 2016, the Federal Emergency Management Agency (FEMA) declared that federal disaster aid has been made available to the State of Louisiana in order to supplement the local efforts in the area affected by severe storms and flooding.

In turn, the IRS announced on August 15th that affected taxpayers (that reside or have a business) in the following parishes will qualify for tax relief:

  • East Baton Rouge
  • Livingston
  • St. Helena
  • Tangipahoa

FEMA updated their list of affected parishes on August 17 so it is likely the IRS will extend tax relief to these parishes also:

  • Acadia
  • Ascension
  • East Feliciana
  • Iberia
  • Lafayette
  • Point Coupee
  • St. Landry
  • Vermilion

Due to the recent flooding, the IRS is extending deadlines (that fell on 8/11/16 or after) through January 17, 2017. Some examples of these extended deadlines are posted below:

  • Filing an individual tax return (Form 1040) that was previously extended to 10/17/16The 9/15/16 deadline for making a quarterly estimated tax payment
  • Filing 2015 corporate (1120/S) and partnership (1065) returns that were on extension through 9/15/16
  • The 10/31/16 deadline for filing quarterly payroll and excise tax returns

In addition, the IRS has announced that they are waiving the failure-to-deposit penalties for employment and excise tax deposits that were due on or after 8/11/16 as long as the deposits are made by 8/26/16.

If you receive a late filing or late payment of tax penalty notice from the IRS that falls within this postponement period, you should give us a call at Bryson Law Firm, LLC. If you are in the Baton Rouge area call 225-223-6714, or for the Lafayette area call 337-233-4210.

*Please note that additional parishes may be added to this list over time