Treasury Regulation 301.7508A-1(c)(1)

IRS Gives Tax Relief for Virgin Island Victims Affected by Hurricane Irma

The IRS issued News Release VI-2017-01 announcing tax-related deadline relief for U.S. Virgin Islands’ victims of Hurricane Irma. This relief includes an extension of time to complete certain time-sensitive tax-related acts under Treasury Regulation 301.7508A-1(c)(1). This includes completion of rollovers, recharacterizations, certain excess contribution corrections, making plan loan payments, filing Form 5500, and certain other acts under this regulation. Deadlines that fall on or after September 6, 2017, and on or before January 31, 2018, are extended to January 31, 2018.

The relief at this time applies to St. John and St. Thomas in the U.S. Virgin Islands. It is expected that relief for victims of Hurricane Irma in other locations will soon be issued.

The relief applies specifically to residents of the 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 that was 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.

The IRS issues disaster-related tax relief news releases at its disaster web page that identify the deadline extension period and specific areas included in the relief. Often, they are updated and revised, sometimes to expand the coverage area. See the IRS website for the most current news releases and their details.

 


IRS Gives Deadline Relief to West Virginia Residents Affected by Storms

The IRS issued News Release WV-2017-02 granting an extension of time for completing certain time-sensitive tax-related acts following severe storms, flooding, and mudslides affecting parts of West Virginia beginning July 28, 2017. The disaster area covered in the relief at this time includes Harrison, Marion, Marshall, and Wetzel counties.

Certain deadlines that fall on or after July 28, 2017, and before November 30, 2017, are extended to November 30, 2017. In addition to other tax-related filings and events, the relief includes an extension of time to complete certain time-sensitive tax-related acts under Treasury Regulation 301.7508A-1(c)(1). These include completion of rollovers and recharacterizations, correction of certain excess contributions, making plan loan payments, filing Form 5500, and certain other acts.

The relief applies specifically to residents of the 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 that was 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.

The IRS issues disaster-related tax relief news releases at its disaster web page that identify the deadline extension period and specific areas included in the relief. Occasionally, they are updated and revised, sometimes to expand the coverage area. See the IRS website for the most current news releases and their details.


Storm Relief to Michigan Residents Affects Deadlines

The IRS released News Release MI-2017-01, granting an extension of time for completing certain time-sensitive tax-related acts following severe storms and flooding affecting parts of Michigan beginning June 22, 2017. The disaster area covered in the relief at this time includes the counties of Bay, Gladwin, and Midland, as well as the Saginaw Chippewa Tribe within Isabella County.

Certain deadlines that fall on or after June 22, 2017, and on or before October 31, 2017, are extended to October 31, 2017. In addition to other tax-related filings and events, the relief includes an extension of time to complete certain time-sensitive tax-related acts under Treasury Regulation 301.7508A-1(c)(1). These include completion of rollovers or recharacterizations, correction of certain excess contributions, making plan loan payments, filing Form 5500, and certain other acts under this regulation.

The relief applies specifically to residents of the 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 was 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 1-866-562-5227 to request relief.

This and other storm relief announcements can be found at the disaster page at the IRS website.