Victims of October's Hurricane Matthew in parts of Virginia may qualify for tax relief, the IRS said.
Following the recent disaster declaration for individual assistance issued by FEMA, the IRS has said that affected taxpayers in the independent cities of Chesapeake, Newport News, Norfolk and Virginia Beach will receive tax relief. Individuals who reside or have a business in those cities may also qualify for relief.
Some deadlines falling on or after Oct. 7 and on or before next March 15 have been postponed to March 15. This includes the Jan. 17 deadline for quarterly estimated tax payments and the 2015 individual returns on extension to Oct. 17. Also included are the Oct. 31 and Jan. 31 deadlines for quarterly payroll and excise tax returns. The IRS is also waiving the failure-to-deposit penalties for employment and excise tax deposits due on or after Oct. 7 as long as the deposits were made by Oct. 24.
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 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. But 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 tax relief.
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