Victims of the severe storms and flooding, that took place beginning on Sept. 21 in parts of Minnesota may qualify for tax relief from the IRS.

Following the recent disaster declaration for individual assistance issued by the Federal Emergency Management Agency, the IRS said that affected taxpayers in the counties of Blue Earth, Freeborn, Hennepin, Le Sueur, Rice, Steele and Waseca will receive tax relief. Individuals living in or having a business in those counties may qualify.

The declaration lets the IRS to postpone certain deadlines for taxpayers who reside or have a business in the disaster area. For instance, certain deadlines falling on or after Sept. 21 and before Jan. 31, 2017, are granted time to file through Jan. 31. This includes individual returns on extension to Oct. 17, as well as the Oct. 31 deadlines for quarterly payroll and excise tax returns.

If an affected taxpayer receives a late filing or late payment penalty notice from the IRS that has an original or extended filing, payment or deposit due date that falls within the postponement period, the taxpayer should call the 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. Affected taxpayers who reside or have a business located outside the covered disaster area must call the IRS disaster hotline at (866) 562-5227 to request this relief.

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access