Our thoughts and prayers are with you all. As a result of the devastation Hurricane Harvey has brought and continues to bring to our area and much of southeastern Texas, the IRS has granted tax relief to residents in several counties throughout the state, including Harris, Chambers, and Fort Bend.
For those of you who have not yet filed your returns for 2016, you will now have until January 31st, 2018 to do so; however, you may still incur penalties and interest on any unpaid taxes originally due back in April. This postponed due date applies to partnership, corporation, and trust returns on extension, as well. 2017 Estimated Tax Payments have also been extended to January 31st, 2018, which include those coming due for individuals September 15th and January 15th, 2018 for the 3rd and 4th quarters, respectively. Please see the following details provided in the latest IRS announcement:
Texas: The following are federal disaster areas qualifying for individual assistance on account of Hurricane Harvey: Aransas, Bee, Brazoria, Calhoun, Chambers, Colorado, Fayette, Fort Bend, Galveston, Goliad, Hardin, Harris, Jackson, Jasper, Jefferson, Kleberg, Liberty, Matagorda, Montgomery, Newton, Nueces, Orange, Refugio, Sabine, San Patricio, Victoria, Waller and Wharton counties.
The tax relief provided by IRS (IR 2017-135) postpones various tax filing and payment deadlines that occurred starting on Aug. 23, 2017. Accordingly, affected and individuals will have until Jan. 31, 2018, to file returns and pay any taxes that were originally due during this period (including the Sept. 15, 2017 and Jan. 16, 2018 deadlines for making quarterly estimated tax payments, 2016 individual income tax returns for which taxpayers received a tax-filing extension until Oct. 16, 2017, and the Oct. 31, 2017 deadline for quarterly payroll and excise tax returns). The deposit delayed date is Sept. 7, 2017.
Maddox Thomson is here to answer any questions you might have and will continue to keep you up-to-date on IRS announcements. We hope you and your families are safe and remain unharmed during this unprecedented storm.