Tax relief for Puerto Rico taxpayers affected by Tropical Storm Isaias
Tax relief for Puerto Rico taxpayers
The IRS issued a release announcing that certain taxpayers in Puerto Rico affected by Tropical Storm Isaias have until November 30, 2020, to file individual and business tax returns and to make certain tax payments.
The IRS release—PR-2020-02 (September 10, 2020)—notes that the tax relief is available for affected taxpayers following the disaster declaration for individual assistance issued by the Federal Emergency Management Agency. Individuals who reside or have a business in the municipalities of Aguada, Hormigueros, Mayagüez, and Rincón may qualify for tax relief.
The available tax relief includes certain postponed deadlines—including deadlines falling on or after July 29, 2020, and before November 30, 2020—for taxpayers who reside or have a business in the disaster area. This includes individual and business tax filers that had a valid extension to file their 2019 return due to end on October 15, 2020.
The IRS release concludes that if an affected taxpayer with an original or extended filing, payment or deposit due date that falls within the postponement period and receives a late-filing or late-payment penalty notice from the IRS, the taxpayer is directed to call the telephone number on the notice to have the IRS abate the penalty.
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