Victims of severe storms, tornadoes, straight-line winds and flooding beginning April 24 in Alabama may qualify for tax relief from the Internal Revenue Service. The President has declared DeKalb and Marshall counties federal disaster areas qualifying for individual assistance. As a result, the IRS is postponing until June 23 certain deadlines for taxpayers who reside or have a business in the disaster area. In addition, the IRS will waive the failure to deposit penalties for employment and excise deposits due on or after April 24 and on or before May 10, as long as the deposits are made by May 10.
Posted by Joshua Hock, Associate Editor, Wealth Strategies Journal
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