The IRS has granted additional relief to victims of Hurricane Harvey by allowing 401(k) s and other employer-sponsored retirement plans to give loans and hardship distributions without the penalty being assessed. This is for residents of:
The IRS has also postponed certain deadlines for taxpayers who reside in or have a business in the above counties. This includes the tax filing deadline, for those with valid extensions, of September 15 and October 15 – your deadline is now January 31, 2018. Estimated taxes that are due on September 15th must be paid by January 31, 2018. Payroll and excise taxes due on or after August 23, 2017 and before September 7th – are now due on September 7, 2017.
Casualty losses can be claimed on the 2016 return (amended) – put “Texas, Hurricane Harvey” on the top of the first page of the tax return – or they can be claimed on your 2017 return. See Form 4684 to see if you qualify.
Call us if you have any questions at (704) 583-9090