Tax-Related Relief Granted for Alabama Disaster Victims
The IRS recently issued news release AL-2019-01, announcing an extension of time to complete certain time-sensitive tax-related acts as a result of tornadoes, storms, and straight-line wind events in Alabama. At this time, the only area to which the relief applies is Lee County, but the IRS periodically updates the disaster relief to include other areas.
News release AL-2019-01 provides that certain tax-related acts with deadlines falling on or after March 3, 2019, and on or before July 31, 2019, are extended to July 31, 2019. It notes that this extension applies to IRA contributions, as well as to the numerous time-sensitive acts described in Treasury Regulation Section 301.7508A-1(c)(1). These acts include completion of rollovers, recharacterizations, correction of certain excess contributions, making plan loan payments, filing Form 5500, and certain other acts under this regulation.
This relief applies specifically to residents of the identified area, to those whose businesses or records necessary to meet a covered deadline are located there, and to certain relief workers providing assistance following the disaster events. Any individual visiting a covered disaster area who is injured or killed as a result of the events is also entitled to deadline relief.
Affected taxpayers who reside or have a business located outside the covered disaster area are required to call the IRS disaster hotline at 866-562-5227 to request relief.
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