While there is no good news from a storm like Irma, the IRS has at least provided Floridians with some degree of comfort. Per the Internal Revenue Service, Hurricane Irma victims in parts of Florida and other areas have until Jan. 31, 2018 to file some individual and business tax returns and make certain tax payments.
We hope that you and your families were able to stay safe during the storm. Our hearts go out to those who have been displaced or are unable to currently return to their homes because of damage left by the storm. The IRS has granted relief to the victims of Hurricane Irma to help minimize any additional penalties those impacted would recognize started on Sept. 4, 2017 in Florida.
After months of waiting, America has a new president-elect, Donald Trump. One of Trump's main campaign objectives was tax reform—including getting rid of the Affordable Care Act, lowering and consolidating individual income tax rates, and expanding tax breaks for families. More immediately, the results of the November 8 election may impact year-end 2016 tax planning. The tax update below explains in depth implications of Trump’s win regarding taxes.
- New Administration Takes Office in January
- Possible Revisions to Tax Code for Individuals
- Possible Revisions to Tax Code for Businesses
- Remaining Extenders Could Be Decided
- Year-End Legislation May Include New Tax Incentive