Hurricane Isaac Tax Alert

The IRS announced on September 5, 2012 that certain individuals and businesses affected by Hurricane Isaac in Louisiana and Mississippi are eligible for certain extended tax filing and payment obligations.  This tax relief is based on local damage assessments by FEMA and postpones various tax filing and payment deadlines that occurred on or after August 26.  As a result, affected individuals and businesses will have until January 11, 2013 to file these returns and pay any taxes due.  This includes corporations and businesses that previously obtained an extension until September 17, 2012 to file their 2011 returns and individuals and businesses that received a similar extension until October 15.  It also includes the estimated tax payment for the third quarter of 2012 which would normally be due on September 17.

So far the extension for filing and payment deadlines applies to the following areas:

  • Louisiana parishes: Ascension, Jefferson, Lafourche, Livingston, Orleans, Plaquemines, St. Bernard, St Charles, St. John the Baptist and St. Tammany
  • Mississippi counties: Hancock, Harrison, Jackson and Pearl

The IRS will waive any interest, late-payment or late-filing penalty that would otherwise apply.  In addition, the IRS is waiving failure-to-deposit penalties for federal employment and excise tax deposits normally due on or after August 26 and before September 10 if the deposits are made by September 10, 2012.

If we can provide any additional information or answer questions on claiming a disaster loss by amending a prior-year tax return, please contact us.