Hurricane Ida Relief

On August 30, 2021, FEMA announced that federal disaster assistance had been made available for those impacted by Hurricane IDA. This designation triggered the availability of tax relief measures by the IRS.

The IRS issued guidance on August 31, 2021, that Hurricane IDA victims have until Jan 3, 2022, to file various individual and business returns. The IRS postponed tax filing and tax payment deadlines for taxpayers residing in, or who have a business in the disaster area. This area includes the entire state of Louisiana. Individuals and business that had valid extensions to file 2020 tax returns due September or October 15th now have until January 3, 2022 to file. The state of Louisiana is following IRS guidance regarding this extension. The January 3rd deadline also applies to quarterly estimates due September 15th and quarterly payroll/excise returns normally due November 1, 2021.

Affected taxpayers include individuals who live, and businesses whose principle place of business is located in the covered disaster area. Taxpayers who do not live in the area, but whose records necessary to file are located in the disaster area are also eligible for relief.

Along with these extensions, also be aware of opportunity to claim casualty losses for damages in excess of any insurance reimbursement.

Please see this link to the full announcement from the IRS.