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Victims Of Hurricane Fiona Qualify For Tax Relief Throughout Puerto Rico

Earlier this week, a category 4 hurricane charged up the Caribbean coast devasting all 78 of Puerto Rico’s Municipalities and leaving the entire island without power. The IRS is offering relief which includes the suspension of various federal individual and business returns, as well as tax payments.  The IRS will be providing relief to any locality designated by the Federal Emergency Management Agency (FEMA) meaning that individuals and households which reside or have a business anywhere in the Commonwealth of Puerto Rico qualify for relief.

New Deadline Dates

More specifically, the relief postpones filing and payment deadlines, on Sept. 17th, the IRS announced that affected victims will have until February 15th, 2023 to file returns and pay any taxes that were originally at the extension deadline. In other words, individuals who filed for an extension on their 2021 returns were originally set to expire on October 17th, now, affected taxpayers will have until Feb. 15th, 2023.

The Feb. 15th deadline also applies to quarterly estimated income tax payments due on Jan. 17th, 2023 as well as quarterly payroll and excise tax returns, originally due on Oct. 31st, 2022. Penalties on excise tax deposits that were due this year after Sept 17th and before Oct. 3rd will be subsided as long as those deposits are made by Oct. 3rd.

How to Receive Relief

Luckily for the victims, the IRS will automatically be providing filing and penalty relief so long as the taxpayer lives within the disaster area. Taxpayers do not need to contact the IRS for relief. If a taxpayer lives outside of the disaster area but their records still indicate they qualify for relief, they will need to call (866) 562-5227 for the IRS’ disaster assistance line.

Wrap Up

Hopefully, this relief lightens the burden for all victims across the country, allowing them to focus on staying safe and getting back on track. If this affects you or anyone you may know, get in contact with a trusted financial advisor to see what relief you may qualify for

 
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