The IRS today announced that certain taxpayers in counties located in South Carolina that were affected by Hurricane Florence may qualify for tax relief.
According to the IRS release—SC-2018-01—individual or business taxpayers located in Dillon, Horry, Marion, and Marlboro counties may qualify for tax relief.
The relief provisions allow the IRS to postpone certain deadlines for taxpayers who reside or have a business in the disaster area. For instance, those with certain deadlines falling on or after September 8, 2018, and before January 31, 2019, are granted additional time to file through January 31, 2019. This relief may apply to:
The relief also may be available for tax-exempt organizations that operate on a calendar-year basis and had an automatic extension that was scheduled to expire on November 15, 2018.
The IRS release also provides that penalties on payroll and excise tax deposits due on or after September 8, 2018, and before September 24, 2018, will be abated as long as the deposits are made by September 24, 2018.
According to today’s release, if an affected taxpayer receives a late filing or late payment penalty notice from the IRS and the taxpayer has an original or extended filing, payment or deposit due date that falls within the postponement period, the taxpayer is instructed to call the telephone number on the notice to have the IRS abate the penalty.
The IRS automatically identifies taxpayers located in the covered disaster area and applies automatic filing and payment relief. However, affected taxpayers who reside or have a business located outside the covered disaster area must call the IRS disaster hotline to request this tax relief.
© 2020 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.KPMG International Cooperative (“KPMG International”) is a Swiss entity.
Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.
The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.