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IRS Gives Hurricane Isaac Relief to Individuals, Businesses

432689 palm treeThe Internal Revenue Service has announced tax relief for areas in Louisiana and Mississippi affected by Hurricane Isaac. IRS filing and payment relief will be offered to businesses and individuals in the following affected counties (Note: More may be added as the Federal Emergency Management Agency (FEMA) assesses the damage.)

Louisiana Parishes: Ascension, Jefferson, Lafourche, Livingston, Orleans, Plaquemines, St. Bernard, St. Charles, St. John the Baptist, St. Tammany

Mississippi Counties: Hancock, Harrison, Jackson, Pearl

The tax relief:

  • Postpones deadlines for tax filing and payments on or after Aug. 26. Individuals and businesses in affected areas have until Jan. 11, 2013, to file these returns and pay any taxes due.
  • Applies to corporations and businesses that already received an extension until Sept. 17, 2012, to file their 2011 returns, as well as individuals and businesses receiving an extension until Oct. 15.
  • Applies to the third-quarter estimated tax payments, normally due Sept. 17, 2012.

The IRS will abate interest, late-payment, or late-filing penalties that would otherwise apply. In addition, the IRS will waive failure-to-deposit (FTD) penalties for federal payroll tax deposits and excise tax deposits normally due on Aug. 26 and before Sept. 10, as long as the deposits are made by Sept. 10, 2012.

For more information on available relief for Hurricane Isaac and other disasters, visit www.disasterassistance.gov.

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