According to the IRS, victims and businesses in specific Texas counties affected by Hurricane Harvey are now eligible for a tax extension.
According to the IRS, victims and businesses in specific Texas counties affected by Hurricane Harvey are now eligible for a tax extension.
The tax relief measure defers an assortment of tax filing and payment deadlines that occurred as of August 23, 2017. Individuals and businesses now have until January 31, 2018 to file returns and pay any taxes originally scheduled.
Eligible business tax deadlines include the October 31 deadlines for quarterly payroll and excise tax returns. Additionally, the IRS is also abandoning late-deposit penalties for federal payroll and excise tax deposits normally required on or after August 23, and before September 7, with the assumption deposits will be made by Sept 7, 2017.
The following counties are eligible for tax relief: Austin, Aransas, Batrop, Bee, Brazoria, Calhoun, Chambers, DeWitt, Gonzales, Karnes, Lavaca, Lee, Polk, Tyler, Fort Bend, Galveston, Goliad, Harris, Jackson, Kleberg, Liberty, Matagorda, Nueces, Refugio, San Patricio, Victoria, Walker and Wharton Counties.
If your household or business falls within one of these counties, the IRS will not penalize late filing or late payment. If you do receive a penalty for either, contact the IRS at 866-562-5227.
For more information on the Hurricane Harvey tax relief measure, click here.
Making mistakes is a part of starting a business, but knowing what mistakes to avoid will help small business owners in their long-term journey to success. Here are four mistakes small business owners should avoid.
States are slowing beginning to provide state-run auto-IRA programs to bridge the gap for small businesses to afford retirement plans for their employees.
Knowing how to classify independent contractors and employees can save an employer time and money. Here are some tips to classify workers.
