The worst of Hurricane Irma that took place in early September is over, but those affected are left to deal with the destruction that was left in its wake. Survivors with losses due to the hurricane can take advantage of federal and state tax relief opportunities.
The IRS has declared that the victims of Hurricane Irma in 67 counties in Florida may now qualify for certain tax relief opportunities from the Internal Revenue Service.
Affected taxpayers have until Jan. 31, 2018, to file most tax returns (including individual, corporate, and estate and trust income tax returns; partnership returns, S corporation returns, trust returns; estate, gift, and generation-skipping transfer tax returns; annual information returns of tax-exempt organizations; and employment and certain excise tax returns), that have either an original or extended due date occurring on or after Sept. 4, 2017, and before Jan. 31, 2018 (IRS section 7508A).
In the State of Florida, any area designated by FEMA can qualify for individual or public assistance.
You can find more details here: irs.gov/newsroom/tax-relief-for-victims-of-hurricane-irma-in-florida.
The following list of assistance programs may be helpful for those affected as well:
• Blue Roofs
• Disaster Unemployment Assistance
• Disaster SNAP Benefits/Food for Florida
• FEMA Transitional Sheltering Assistance
• Florida Small Business Emergency Bridge Loan
• Individual Assistance from FEMA
• Small Business Administration Disaster Loans
• Public Assistance
A full list can be found here: floridadisaster.org/info/irma
FinCEN is also extending FBAR-filing relief to victims of Hurricane Irma in areas that the Federal Emergency Management Agency (FEMA) designated as qualifying for individual assistance or public assistance. More information here: fincen.gov/sites/default/files/shared/FinCEN_FBAR_Filing_Irma_maria_Relief.pdf
We offer our deepest sympathies and condolences to the individuals, families, and businesses affected by the California wildfires. We encourage you to share any information you have regarding relief opportunities for those affected.
If you have questions or need assistance from one of our tax experts, please feel free to contact us.