IRS offers tax relief for residents, business owners of storm-affected counties in Missouri

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.

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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.

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.
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Posted 6-13-2017 | Topics: Client Alerts, News,

Our thoughts and prayers are with all of our clients, friends and the communities across the state of Missouri impacted by the storms, tornadoes and flooding that have hit our state.
Our collective resolve will carry us through the coming months as we work to restore what was lost.