Tax-Related Deadline Relief for North Carolina Storm Victims

The IRS has issued News Release NC-2018-02 that describes tax-related deadline relief available to victims of severe storms and tornadoes in North Carolina. In addition to postponement of tax return deadlines falling within dates identified in the news release, the relief includes postponement of deadlines for completing certain time-sensitive tax-related acts specified in Treasury Regulation 301.7508A-1(c)(1). These acts include the completion of rollovers or recharacterizations, correction of certain excess contributions, making plan loan payments, filing Form 5500, and certain other acts under this regulation.

For those affected, such deadlines falling on or after April 15, 2018, and on or before August 15, 2018, are postponed to August 15, 2018. Because the deadline for filing individual income tax returns falls within this period, IRA contributions of those covered by the disaster relief could be timely made.

The North Carolina counties included in the relief at this time include Guilford and Rockingham. The relief applies specifically to residents of these identified areas, 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 must call the IRS disaster hotline at 866-562-5227 to request relief.