News
IRS offers tax relief for residents, business owners of storm-affected counties in Missouri
The Internal Revenue Service (IRS) has announced that tax relief is available for individual and business filers in the aftermath of recent storms and flooding that affected several counties in Missouri.
According to the IRS, individuals who reside or have a business in the following counties – Bollinger, Butler, Carter, Douglas, Dunklin, Franklin, Gasconade, Howell, Jasper, Jefferson, Madison, Maries, McDonald, Newton, Oregon, Osage, Ozark, Pemiscot, Phelps, Pulaski, Reynolds, Ripley, Shannon, St. Louis, Stone, Taney, and Texas – may qualify for tax relief. (It should be noted that the City of St. Louis is not part of St. Louis County and, therefore, has not been designated to receive this tax relief.)
According to the declaration issued by President Donald Trump, the IRS is permitted to postpone certain deadlines for taxpayers who reside or have a business in the disaster area. For instance, certain deadlines falling on or after April 28, 2017, and before August 31, 2017, are granted additional time to file through August 31, 2017. This includes the estimated tax payment due on June 15, 2017 and the quarterly payroll tax returns due on April 30, 2017 and July 31, 2017. Affected taxpayers that have an estimated income tax payment originally due on or after April 28, 2017, and before August 31, 2017, will not be subject to penalties for failure to pay estimated tax installments as long as such payments are paid on or before August 31, 2017.
Visit this link to read the full version of the declaration.
If you have questions about how this declaration might affect your individual or business’ tax filing status, please contact your WK advisor at (573) 442-6171 or (573) 635-6196.
OTHER STORIES FOR YOU
[ezcol_1third]
DO YOU WORK WITH AN ACCOUNTANT, OR A TRUSTED ADVISOR? If your business is small and relatively uncomplicated, hiring an accountant who prepares your tax return and assists with basic accounting functions might work well. However, if your business is growing quickly, has more legs than an octopus, and faces multiple challenges each day, you might need something more – a trusted business advisor.
[/ezcol_1third] [ezcol_1third]
HOW PLAN SPONSORS CAN MINIMIZE PENALTIES IN A DOL AUDIT. Certain employee benefit plans (EBPs) are required to undergo financial statement audits in order to file the annual Form 5500. WK performs many financial statement audits of employee benefit plans. However, plan sponsors should also beware of another kind of audit: The Department of Labor (DOL) audit. A DOL audit covers some of the same aspects as a financial statement audit but generally goes into much more detail.
[/ezcol_1third] [ezcol_1third_end]
DOES YOUR ORGANIZATION HAVE A SOCIAL MEDIA POLICY? Social media can be a powerful tool for not-for-profit organizations to use in promoting their brand, raising awareness and raising money. Just ask the ALS Association, which benefitted from the viral Ice Bucket Challenge in 2014 to the tune of $115 million.
[/ezcol_1third_end]