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Tax Relief for Missouri

Tax Relief for Missouri

The IRS has announced that victims of severe storms, tornadoes, and flooding in Missouri counties that are designated as federal disaster areas may qualify for tax relief.

The Missouri counties that qualify are: Andrew, Atchison, Boone, Buchanan, Carroll, Chariton, Cole, Greene, Holt, Jackson, Jasper, Lafayette, Lincoln, Livingston, Miller, Osage, Pike, Platte, Pulaski, and St. Charles. This relief allows certain deadlines to be postponed and allows more time for returns to be filed for taxpayers who reside or have a business in the disaster area.

Deadlines that fall on or after April 29, 2019 and before August 30, 2019, have been allowed additional time to file.  This includes quarterly estimated income tax payments due on June 17, 2019 and employment and excise tax returns due on April 30 and July 31, 2019.  Also included are tax-exempt organizations that have a calendar-year end and had a Form 990 due on May 15, 2019.

Taxpayers who are eligible for the tax relief are listed in Reg § 301.7508A-1(d)(1) and include the following:
  • Residents who live, and any business whose main place of business is located, in one of the designated counties;
  • All relief workers aiding in the relief activities within the covered disaster area and who are affiliated with a recognized government or philanthropic organization;
  • Taxpayers whose principal residence, and any business whose principal place of business, is not in the covered disaster area, but whose records necessary to meet a tax deadline are in the covered disaster area;
  • Any spouse of an impacted taxpayer, soley with regard to a joint return of the husband and wife; and
  • All estates or trusts that have tax records necessary to meet a deadline in the covered area.

Under section 7508A, most tax returns with an original or extended due date falling on or after April 29, 2019 and before August 30, 2019 (individual, corporate, and estate and trust income tax returns; partnership returns, S corporation returns, and trust returns; estate, gift, and generation-skipping transfer tax returns; annual information returns of tax-exempt organizations; and certain excise tax returns) are extended until August 30, 2019.  Affected taxpayers will not have to pay penalties for estimated income tax payments initially due on or after April 29, 2019 and before August 30, 2019 if paid before August 30, 2019.  Also included is the filing of Form 5500 series returns.  Finally, the relief also applies to certain deadlines related to like-kind exchanges of property.

An important thing to note is that the postponement of time to file and pay does not apply to information returns in the W-2, 1094, 1095, 1097, 1098, or 1099 series; to Forms 1042-S, 3921, 3922, or 8027; or to employment and excise tax deposits. However, penalties on deposits due on or after April 29, 2019, and before May 14, 2019 will be abated on condition that the taxpayer made the deposits before May 14, 2019.

As always, your WK Advisor is here to work with you or your business to determine how this relief may impact your specific situation.

Posted 7-23-2019 | Topics: Client Alerts, Featured News & Resources, News,