In the aftermath of the horrific hurricane strikes from Irma and Maria, the Internal Revenue Service (IRS) has issued a specialized declaration to help give relief to all residents in Puerto Rico and the Virgin Islands. Puerto Rico was listed as a disaster area by the President, giving residents the qualification for any tax relief. Those trapped on the islands have a two-week period, while those who are not able to return home because they had evacuated, the period has been extended to the end of the year.
According to IRS rules, that resident must prove or make their way to their home during this period. The catastrophic damage caused by the storms has led the Federal Emergency Management Agency (FEMA) to co-author Notice 2017-56 on the relief given to citizens. The IRS will remove the fees and speed all requests for any past filed tax returns for those affected by the storm. Citizens are required to write under Disaster Designation the name of their affected area and list Hurricane Maria, the most recent storm, in red ink on the Form 4506.
In addition, the IRS is also allowing business in year-long deals to have an extension, as well as all quarterly tax payments due from Sept. 15, 2017 to Jan. 16, 2018, quarterly payroll tax returns that are due on Oct. 31, and all tax-exempt groups whose previous year extensions end Nov. 15. These are tax reliefs that also have been applied to those affected in the mainland, including Texas from Hurricane Harvey. The extra time is much needed with the continuous chaos with a lack of power and other necessities that are still missed out today.
The final deadline for filing returns and paying taxes is January 31, 2018.