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IRS & LDR Offer Tax Relief to Those Affected by February 2017 Storms, Tornadoes, Winds

23 February 2017

In the wake of the severe storms, tornadoes, and high winds on February 7, 2017, which impacted residents and businesses of Orleans and Livingston Parishes, those who reside or own businesses there, may be eligible for tax relief, in the form of extended filing and payment due dates. Call Rigby Financial Group to find out whether you and/or your business may be eligible for tax relief.

Internal Revenue Service Bulletin LA-2017-01

On February 13, 2017, the IRS issued the above bulletin, which provides that:

• Individuals residing in Orleans or Livingston Parish, those who own a business in either Parish, or those whose tax records are located in one of these Parishes, are eligible for extended tax filing and payment deadlines.

• For those eligible, under IRS Code Section 7508A, the IRS has granted affected taxpayers extended deadlines to file most deadlines to file most Federal Tax Returns (including individual, partnership, corporate, trust, estate, gift, and employment taxes) with a filing date on or after February 7, 2017, but before June 30, 2017, have been extended to June 30, 2017.

• Tax payment deadlines (for those eligible for relief) between February 7, 2017, and June 30, 2017, have also been extended to June 30, 2017, without penalty or interest. This includes estimated income tax payments; these will not be subject to penalty or interest, so long as payment is received by the IRS by June 30, 2017.

Louisiana Department of Revenue Bulletin 17-0007

On February 20, 2017, the LDR issued the above noted bulletin, which provides that:

• Tax relief will be available to residents, business owners, and those whose tax records are located in the following zip codes within Orleans and Livingston Parishes:

70447, 70454, 70462, 70706, 70785, 70126, 70127, 70128 and 70129

Other areas which have been declared federal disaster areas will be considered for this relief.

• Filing of individual, corporate, partnership, franchise, and fiduciary tax returns with due dates between February 7, 2017 and June 30, 2017, has been extended to June 30, 2017, for affected areas.

• Payment of income tax (including 2017 estimated tax payments) due between February 7, 2017 and June 30, 2017, has been extended to June 30, 2017.

• Payroll tax withholding tax returns due on or before April 30, 2017, have been extended to May 15, 2017. Withholding tax payments due between February 15, 2017 and May 15, 2017, have been extended to May 31, 2017, without penalty or interest.

Let Rigby Financial Group help you determine whether you are eligible for the above tax relief, and how to leverage this relief to your individual tax circumstances.

Call us today – we can help you ensure that you receive any tax relief you are entitled to! Call us at (504) 586-3050 to find out more.

The above represents general advice. When it comes to tax and financial planning, one size does not fit all. Rigby Financial Group provides highly individualized, specifically tailored, comprehensive holistic planning for individuals and businesses.

Please contact us for advice and assistance in creating a specialized plan that suits your unique situation.

Disclaimer

The information presented here is not specific to any individual’s or business’ specific circumstances.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable—we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.