Victims of the severe storms, flooding, landslides and mudslides that took place beginning on July 28 in parts of West Virginia may qualify for tax relief from the IRS.
Individuals who reside or have a business in the West Virginia counties of Harrison, Marion, Marshall and Wetzel may qualify. The IRS can postpone certain deadlines for taxpayers who reside or have a business in the disaster area.
For instance, certain deadlines falling on or after July 28 of this year and before Nov. 30 are granted additional time to file through Nov. 30. This includes taxpayers who had a valid extension to file their 2016 return that was due to run out on Oct. 16. It also includes the quarterly estimated tax payment normally due on or after Sept. 15 and the quarterly payroll and excise tax returns normally due on July 31 and Oct. 31.
In addition, penalties on payroll and excise tax deposits due on or after July 28 and before Aug. 14 will be abated as long as the deposits were made by Aug. 14.
Affected taxpayers that have an estimated income tax payment originally due on or after July 28 and before Nov. 30 will not be subject to penalties for failure to pay estimated tax installments as long as such payments are paid on or before Nov. 30.
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. 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 relief.