Hurricane Florence: Federal and South Carolina Tax Return Filings and Payments

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Recognizing the devastating effects of Hurricane Florence, President Trump on September 10, 2018 declared that an emergency exists in the State of South Carolina and ordered federal assistance to be available beginning September 8, 2018. The IRS then followed with a release on its website (www.irs.gov) stating that deadlines would be extended applicable to the filing of federal tax returns and the payment of federal taxes for certain taxpayers affected by Hurricane Florence and located within the “Hurricane Florence Disaster Area”.  The IRS also separately announced that relief would be available to tax return preparers similarly located in the Hurricane Florence Disaster Area.

Certain businesses in South Carolina that have filed timely extensions to file their 2018 federal income tax returns and to pay their related 2018 federal income taxes by September 17, 2018, and individuals in South Carolina that have filed timely extensions to file their 2018 federal income tax returns and to pay their related 2018 federal income taxes by October 15, 2018, may qualify for relief. However, taxpayers and their practitioners must pay careful attention now to IRS announcements concerning specific and applicable extended filing and payment dates – and particularly for businesses where their extended 2018 returns and payments are due on September 17, 2018. Given the pending September 17, 2018 filing and tax payment date for certain extended 2018 business income returns, taxpayers and their practitioners may need to conservatively plan to make best efforts to file these returns and pay the associated taxes by September 17, 2018.

While the IRS has announced relief for certain taxpayers affected by Hurricane Florence, the South Carolina Department of Revenue has not – at least as of the date and time of this post. It is anticipated that SCDOR will make an announcement – following the IRS – and announce filing and payment extensions. Taxpayers and their preparers must carefully monitor SCDOR announcements, and particularly the SCDOR website at www.dor.sc.gov.

 

Recognizing the devastating effects of Hurricane Florence, President Trump on September 10, 2018 declared that an emergency exists in the State of South Carolina and ordered federal assistance to be available beginning September 8, 2018. The IRS then followed with a release on its website (www.irs.gov) stating that deadlines would be extended applicable to the filing of federal tax returns and the payment of federal taxes for certain taxpayers affected by Hurricane Florence and located within the “Hurricane Florence Disaster Area”.  The IRS also separately announced that relief would be available to tax return preparers similarly located in the Hurricane Florence Disaster Area.

Certain businesses in South Carolina that have filed timely extensions to file their 2018 federal income tax returns and to pay their related 2018 federal income taxes by September 17, 2018, and individuals in South Carolina that have filed timely extensions to file their 2018 federal income tax returns and to pay their related 2018 federal income taxes by October 15, 2018, may qualify for relief. However, taxpayers and their practitioners must pay careful attention now to IRS announcements concerning specific and applicable extended filing and payment dates – and particularly for businesses where their extended 2018 returns and payments are due on September 17, 2018. Given the pending September 17, 2018 filing and tax payment date for certain extended 2018 business income returns, taxpayers and their practitioners may need to conservatively plan to make best efforts to file these returns and pay the associated taxes by September 17, 2018.

While the IRS has announced relief for certain taxpayers affected by Hurricane Florence, the South Carolina Department of Revenue has not – at least as of the date and time of this post. It is anticipated that SCDOR will make an announcement – following the IRS – and announce filing and payment extensions. Taxpayers and their preparers must carefully monitor SCDOR announcements, and particularly the SCDOR website at www.dor.sc.gov.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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