Hurricane season and tax return extension deadlines always fall in the same time period here in South Carolina. Waiting until the last minute to file your extended tax return can always be a little dicey since every year we have some version of a hurricane coming our way.
This year, we had a mandatory evacuation a week before the extended deadline for S-Corps and for quarterly estimated taxes. Kids were out of school, businesses were preparing for the storm and overall not much work was getting done! In light of the recent disaster declaration, the IRS will allow affected taxpayers certain relief from deadlines falling on or after September 8, 2018 and before January 31, 2019. Individuals or businesses in the following counties of SC may qualify: Chesterfield, Dillon, Horry, Marion and Marlboro.
Taxpayers who had an extension to file their 2017 return on October 15, quarterly estimated tax payments due on September 17, 2018 and January 15, 2019, as well as the quarterly payroll and excise tax returns due on October 31, 2018 will have relief. Additionally, penalties on payroll and excise tax deposits due on or after September 8, 2018 and before September 24, 2018, will be abated if deposits are made by September 24, 2018.
If the IRS does send an affected taxpayer a late filing or late payment penalty notice, the taxpayer can call the telephone number on the notice to request abatement of the penalty. Taxpayers located in the covered disaster areas are automatically qualified for these filing and payment postponements.
There is more information on the IRS website, so check it out for more information on covered disaster areas and the types of tax relief offered (https://www.irs.gov/newsroom/tax-relief-for-victims-of-hurricane-florence-in-south-carolina). South Carolina was lucky and was not as heavily affected as North Carolina. For information on NC tax relief please refer to the IRS website: https://www.irs.gov/newsroom/irs-extends-upcoming-deadlines-provides-tax-relief-for-victims-of-hurricane-florence
General help for victims of Hurricane Florence on the IRS website: https://www.irs.gov/newsroom/help-for-victims-of-hurricane-florence
Jordan Ilderton, CPA