The Internal Revenue Service is providing tax relief to individuals and businesses affected by Hurricane Isaac by postponing various tax-filing and payment deadlines that occurred on or after Aug. 26.
The announcement coincides with recent disaster declarations for individual assistance issued by the Federal Emergency Management Agency. Parishes included in Louisiana are Ascension, Jefferson, Lafourche, Livingston, Orleans, Plaquemines, St. Bernard, St. Charles, St. John the Baptist and St. Tammany. The IRS said other locations may be added in coming days, based on additional damage assessments by FEMA.
The IRS said affected individuals and businesses will have until Jan. 11 to file returns and pay any taxes due. This includes corporations and businesses that previously obtained an extension until Sept. 17 to file their 2011 returns, and individuals and businesses that received a similar extension until Oct. 15. It also includes the estimated tax payment for the third quarter of 2012, normally due Sept. 17.
The IRS will abate any interest, late-payment or late-filing penalty that would normally apply. In addition, the IRS is waiving failure-to-deposit penalties for federal employment and excise tax deposits normally due on or after Aug. 26 and before Sept. 10, if the deposits are made by Sept. 10.
Details on available relief, including information on how to claim a disaster loss by amending a prior-year tax return, can be found on the disaster relief page on IRS.gov. For information on disaster recovery, individuals should visit disasterassistance.gov.