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What tax relief is there for Georgia businesses after Irma?

In recent posts, we have focused attention on how government is helping Georgia residents recover in the wake of Tropical Storm Irma. First, there were pledges of help. Since then, agencies at the state and federal levels have started to make good on the promises and the latest one provides some specific help for individuals who live or have businesses in the state.

With the declaration of President Trump, the IRS is now extending deadlines on some tax payments for those in affected areas. Here's a more detailed breakdown. It is not a complete list and so consulting with qualified tax professionals is recommended.

  • Tax payment delays: If you were facing a deadline on taxes as of Sept. 7 and through Jan. 31, 2018, you have until the last day of January to meet the obligations. The grant also applies to estimated tax payments owed in that time.
  • Tax filing delays: Individuals and businesses who had extensions for filing that expired Sept. 15, 2017, and tax exempt operations under extension, have until the Jan. 31 date to file. It's important to note that the grace covers only filings. If taxes are owed for 2016, payments are expected.

The IRS emphasizes that if you are in a covered class and you receive notice concerning filing or payment penalties, you shouldn't just ignore the letter. Rather, to receive abatement on the penalty, call the phone number included in the notice.

If you are an affected class who lives or has a business outside the disaster area, you need to seek relief by calling the agency's disaster hotline at 866-562-5227. Other information can be obtained directly from the government by visiting the disaster relief page at IRS.gov.

The final thing to keep in mind is that taxes are a complicated feature of our daily lives. Serious events like Irma add to the confusion and it can be easy to make innocent mistakes when trying to take advantage of tax relief efforts. If errors lead to issues with the IRS later, protect yourself by consulting an experienced attorney.

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The Peck Group, LC

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Located in Atlanta, The Peck Group, LC, represents clients nationwide. Regionally, we are committed to serving clients in Fulton County and throughout the state of Georgia.