Hurricane Harvey Devastates South Texas
Members Help Members
Image credit - CNN
Friday, August 25th was the day Harvey came to stay.
When measured by the amount of rain that has been deposited on South Texas, (officially over 52 inches since Friday and more to come), Harvey is now the biggest storm in U.S. history. The region from Kingsville to Corpus, to Rockport, and all the way to Houston, Galveston, Beaumont, was inundated.
At various times classified as a Category 4 hurricane, Harvey's more than 130 to 150 mile per hour winds simply wiped away many homes and businesses - just plain gone! And what the wind missed, the floods got...
Many of our members will have been affected and some will have lost just about everything. Others have come together to offer to help. Whether that help takes the form of temporarily sharing office space, or maybe the loan of an extra computer, (or maybe even something as simple as some dry clothes...), TACPA members have offered to help their colleagues. Earlier today, (August 30), Frank Sands, President of TACPA, put out the following message...
August 30, 2017
An Open Letter to the Membership:
Please help if you are able.
Mother Nature has thrown us a curveball in the form of Hurricane Harvey
. Many of our members live in the affected areas and are dealing with the resulting problems both on a personal and a business level.
It is in times like these that we, as an association, have the opportunity to come together to offer needed assistance to those affected.
If you are not
affected by the storm, please do this for me:
Sitting in your office, just take a look around you. Everything you see is what other members may have lost in the flooding.
- Are you able temporarily to share office space with affected members?
- Maybe you have some extra equipment, (computers, printers, phones, etc.)
- Furniture – some folks will have nothing at all.
- Personnel – can you loan some administrative help?
- If a member has clients in need perhaps you can help with providing tax services?
- Beyond the obvious business needs, there will be personal needs – even things as basic as clothing or transportation.
Please contact Dave Brown at 469-443-0971 or email@example.com
Tell him if you have items such as mentioned above or other things not mentioned. If you are not able to reach Dave, contact any member of the Executive Committee.
IF YOU ARE IN NEED – Contact Dave – tell us what you need. How can we help you?
NCCPAP stands ready to help Texas members as well. As soon as we understand the needs, their resources can also be brought to bear.
IRC § 7508A and Reg. 1-165 provided filing deadline relief for those in a declared disaster area. The IRS recently announced the available relief.
The Texas Comptroller has a Disaster Relief link on his website detailing tax and filing relief as well as a list of Frequently Asked Questions for taxpayers.
The Office of the Texas Governor has a website offering disaster information. The governor’s office also provides the Texas Hurricane Center website which provides disaster information including a link to the Texas Department of Insurance.
Please keep affected members in your prayers.
Frank E Sands, President
Texas Association of CPAs
IRS Gives Tax Relief to Victims of Hurricane Harvey
Aug. 28, 2017
Hurricane Harvey victims in parts of Texas have until Jan. 31, 2018, to file certain individual and business tax returns and make certain tax payments, the Internal Revenue Service announced today.
This includes an additional filing extension for taxpayers with valid extensions that run out on Oct. 16, and businesses with extensions that run out on Sept. 15.
"This has been a devastating storm, and the IRS will move quickly to provide tax relief to hurricane victims," said IRS Commissioner John Koskinen. "The IRS will continue to closely monitor the storm's aftermath, and we anticipate providing additional relief for other affected areas in the near future."
The IRS is now offering this expanded relief to any area designated by the Federal Emergency Management Agency (FEMA), as qualifying for individual assistance. Currently, 18 counties are eligible, but taxpayers in localities added later to the disaster area will automatically receive the same filing and payment relief.
The tax relief postpones various tax filing and payment deadlines that occurred starting on Aug. 23, 2017. As a result, affected individuals and businesses will have until Jan. 31, 2018, to file returns and pay any taxes that were originally due during this period. This includes the Sept. 15, 2017 and Jan. 16, 2018 deadlines for making quarterly estimated tax payments. For individual tax filers, it also includes 2016 income tax returns that received a tax-filing extension until Oct. 16, 2017. The IRS noted, however, that because tax payments related to these 2016 returns were originally due on April 18, 2017, those payments are not eligible for this relief.
Declared Natural Disasters and Emergencies Tax Help
From the Texas Comptroller
The Governor of Texas, by way of proclamation, has exempted evacuees and relief workers from state and local hotel taxes. Existing tax exemptions will become effective as the Governor designates areas of the state to be natural disaster areas. The Governor's website will have specific information related to each declared natural disaster.
Some taxpayers may be unable to file taxes timely due to damage caused by a declared natural disaster. The Comptroller can grant an extension of up to 90 days to file tax returns to a business affected by a declared disaster.
An affected business must request the extension. These types of extension requests are handled on a case-by-case basis. For more information or to request a tax filing extension, call the Comptroller's tax assistance line at 800-252-5555.
Retirement Plans Can Make Harvey Loans
August 30, 2017 WASHINGTON --
The Internal Revenue Service today announced that 401(k)s and similar employer-sponsored retirement plans can make loans and hardship distributions to victims of Hurricane Harvey and members of their families. This is similar to relief provided last year to Louisiana flood victims and victims of Hurricane Matthew.
Participants in 401(k) plans, employees of public schools and tax-exempt organizations with 403(b) tax-sheltered annuities, as well as state and local government employees with 457(b) deferred-compensation plans may be eligible to take advantage of these streamlined loan procedures and liberalized hardship distribution rules. Though IRA participants are barred from taking out loans, they may be eligible to receive distributions under liberalized procedures.
Retirement plans can provide this relief to employees and certain members of their families who live or work in disaster area localities affected by Hurricane Harvey and designated for individual assistance by the Federal Emergency Management Agency (FEMA). Currently, parts of Texas qualify for individual assistance. For a complete list of eligible counties, visit https://www.fema.gov/disasters. To qualify for this relief, hardship withdrawals must be made by Jan. 31, 2018.
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