CS&L in the News
Hurricane Irma Tax Relief Update
Updated 10/02/2017 - HR 3823 provides targeted tax relief for taxpayers impacted by Hurricanes Harvey, Irma and Maria. Contact us to explore whether this applies to your personal or business circumstances.
Updated 9/19/2017 -The IRS is now offering expanded relief to any area designated by FEMA as qualifying for either individual assistance or public assistance in the State of Florida and the State of Georgia. For information on government-wide efforts related to Hurricane Irma, visit www.USA.gov/hurricane-irma.
9/14/2017 - The Internal Revenue Service has announced that Hurricane Irma victims in parts of Florida and other areas have until January 31, 2018, to file some individual and business tax returns and make certain tax payments. The tax relief granted Tuesday by the IRS includes an additional filing extension for taxpayers with deadlines between September 4, 2017 and before January 31, 2018. This includes:
- Taxpayers and businesses who had a valid extension to file their 2016 returns that were due to run out on Sept. 15, 2017 or Oct. 16, 2017.
- Quarterly estimated income tax payments originally due on Sept. 15, 2017 and Jan. 16, 2018, as well as the quarterly payroll and excise tax returns normally due on Oct. 31, 2017.
- Tax-exempt organizations that operate on a calendar-year basis and had an automatic extension due to run out on Nov. 15, 2017.
- Penalties on payroll and excise tax deposits due on or after Sept. 4, 2017, and before Sept. 19, 2017, will be abated as long as the deposits are made by Sept. 19, 2017.
The relief is granted to individuals who live and businesses whose principal place of business are located in the disaster area, as well as relief workers affiliated with a recognized government or philanthropic organization assisting in the relief activities. Additionally, tax returns prepared by CS&L CPAs will be entitled to this relief as our offices (and therefore the records necessary to meet a deadline) are located in the covered area.
The following Florida counties are included: Brevard, Broward, Charlotte, Citrus, Clay, Collier, DeSoto, Duval, Flagler, Glades, Hardee, Hendry, Hernando, Highlands, Hillsborough, Indian River, Lake, Lee, Manatee, Marion, Martin, Miami-Dade, Monroe, Okeechobee, Orange, Osceola, Palm Beach, Pasco, Pinellas, Polk, Putnam, Sarasota, Seminole, St. Johns, St. Lucie, Sumter and Volusia Counties.
We continue to work diligently to assure all tax returns are completed and filed in a timely manner. For more information about the status of your return, please email or call our offices. You can also find additional relief details on the IRS website, https://www.irs.gov/newsroom/tax-relief-for-victims-of-hurricane-irma-in-florida. The IRS will be updating this site with all further disaster relief efforts related to Hurricane Irma. Thank you for your understanding throughout these extraordinary circumstances.
Hurricane Irma: Business Interruption Insurance Claims and Disaster Advisory Services
On behalf of the firm, we hope that your family and businesses experienced minimal damage and disruption from Hurricane Irma. While the storm created challenges and hardships for many, we are grateful that the worst-case scenario for our region did not transpire. Through this experience we’ve been reminded of the importance of hurricane preparedness, disaster recovery protocols and solid communication plans for our families, neighbors and businesses.
As businesses across Florida resume operations following Hurricane Irma, we encourage you to review your insurance policy for a potential business interruption or lost profits claim. Typically purchased as an addition to the company’s property insurance policy, business interruption insurance is intended to allow a business to return to normal operation after a disaster as though the disaster never occurred.
When filing a business interruption claim, supporting financial documents are needed outside of your insurance policy. These documents may include business expense reports, business revenue reports, details regarding business history including physical address, number of employees and more. If we can assist you in preparing your business interruption insurance claim, please contact us to discuss an engagement with the professionals at CS&L CPAs. Our accountants are experienced with the complexities of these claims and can help maximize your insurance recovery.
We are also available to answer your questions on tax matters such as casualty losses, extended due dates or anything related to your personal or business situation regarding the effects of the hurricane.
CS&L CPAs is eager to assist our clients in Hurricane Irma recovery efforts, working as your trusted advisors and advocates. Our continued goal is to ensure our clients and community are protected from unexpected loss, giving you greater peace of mind. Contact us if we can assist you in any way.