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Victims of Hurricane Isaac Benefit From IRS Tax Filing and Payment Extensions

Updated for Tax Year 2012


OVERVIEW

Affected individuals and businesses in areas of Louisiana and Mississippi are getting a helpful leg-up from the IRS. Their deadline to return file and/or submit tax payments has been extended from on or after August 26, 2012 to Jan 11, 2013.


The IRS extends the tax filing deadline for businesses and individuals

In the wake of Hurricane Isaac, nearly 95,000 people have signed up for individual aid from the Federal Emergency Management Agency (FEMA) for grants to help repair homes and replace ruined belongings. For those affected, the IRS decided to extend the tax filing and payment deadlines as part of an overall Federal response to this devastating report.

Corporations, Businesses, Individuals & Estimated Tax Payments

  • Pre-Hurricane Isaac tax extension deadline: September 17 - October 15, 2012
  • New IRS deadline: January 11, 2013

No penalty fees

The IRS will not impose any interest, late-payment or late-filing penalties for the original deadlines prior to January. In addition, the IRS is waiving failure-to-deposit penalties for federal employment and excise tax deposits normally due on or after August 26 and before September 10, if the deposits are made by September 10, 2012.

List of affected areas

This list of locations is growing, but so far, IRS filing and payment relief applies to the following, hardest hit localities.

  • Louisiana: Ascension, Jefferson, Lafourche, Livingston, Orleans, Plaquemines, St. Bernard, St. Charles, St. John the Baptist and St. Tammany parishes.
  • Mississippi: Hancock, Harrison, Jackson and Pearl counties.

For updates, please visit www.irs.gov.

Next steps

For details about available relief, including information on how to get organized and claim disaster losses, see the disaster relief page on www.irs.gov.

Keep in mind that the IRS can also help obtain copies of tax returns or transcripts to help reconstruct financial records if need be.

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The above article is intended to provide generalized financial information designed to educate a broad segment of the public; it does not give personalized tax, investment, legal, or other business and professional advice. Before taking any action, you should always seek the assistance of a professional who knows your particular situation for advice on taxes, your investments, the law, or any other business and professional matters that affect you and/or your business.


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