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New disaster relief policy

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The IRS has issued interim guidance expanding its disaster assistance and emergency relief. The IRS is authorized to provide relief from failure to file, failure to pay and other time-sensitive tasks in counties affected by federally declared disasters that are identified for individual assistance by the Federal Emergency Management Agency (FEMA). Under the new policy, a disaster impacting several states and occurring near a major filing date may warrant an expansion of relief to include areas identified by FEMA for public assistance.

Dig out first, then file for an extension

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The IRS has granted businesses affected by Winter Storm Stella, the storm that hit parts of the Northeast and Mid-Atlantic this week, additional time to request a 6-month extension to file their 2016 federal tax returns. The extension for the extension affects calendar year partnerships and S corporations that must file their 2016 returns by March 15, or else file for an automatic 6-month extension on Form 7004. The deadline to file an extension is March 20. Eligible taxpayers must write “Winter Storm Stella” on their Form 7004 extension request.