Revenue Procedure 2007-56 allows for time extensions to certain tax deadlines when the IRS issues a Notice or News Release and if the taxpayer falls within the designated criteria. The Revenue Procedure provides that you can be an “affected taxpayer” even if you reside outside the disaster area.
In the wake of Hurricane Harvey, the IRS has issued a tax relief notice extending certain filing dates for taxpayers who have been affected by this devastating natural disaster.
In the IRS’ initial Notice dated August 29, 2017 (TX-2017-09), Individuals who reside or have a business in the Texas counties of Aransas, Bee, Brazoria, Calhoun, Chambers, Fort Bend, Galveston, Goliad, Harris, Jackson, Kleberg, Liberty, Matagorda, Nueces, Refugio, San Patricio, Victoria, and Wharton Counties may qualify for tax relief.
As of September 5, 2017, the IRS has updated the notice to also include Colorado, Fayette, Hardin, Jasper, Jefferson, Montgomery, Newton, Orange, Sabine, San Jacinto, Waller, Austin, Batrop, DeWitt, Gonzales, Karnes, Lavaca, Lee, Polk, Tyler, and Walker Counties.
This Notice extends deadlines (including deadlines relating to 1031 Exchanges) that are due to be performed on or after August 23, 2017, and before January 31, 2018 for 120 calendar days or until January 31, 2018, whichever is later.
If you believe you are an affected taxpayer, we strongly recommend that you speak with your tax professional for further guidance. And always remember that the IRS may update their Notice to include additional Counties and information.
To view the Notice, you can click the following link - https://www.irs.gov/newsroom/tax-relief-for-victims-of-hurricane-harvey-in-texas. To view the Revenue Procedure, you can click the following link: https://www.irs.gov/irb/2007-34_IRB#RP-2007-56
For more information on extensions for Federally Declared Disaster Areas, click the following link - https://firstexchange.com/Extensions-for-Presidentially-Declared-Disasters