IRS Announces Deadline Relief for Virgin Islands Water Supply
The Internal Revenue Service (IRS) has announced the postponement of certain tax-related deadlines for victims of taxpayers impacted by elevated levels of lead and copper in water supply in Saint Croix, US Virgin Islands. Individuals and households affected by elevated levels of lead and copper that reside or have a business in St. Croix qualify for tax relief, as well as taxpayers with records located in the covered area that are needed to meet covered deadlines, qualify for relief.
In addition to extending certain tax filing and tax payment deadlines, the relief includes completion of many time-sensitive, tax-related acts described in IRS Revenue Procedure 2018-58 and Treasury Regulation 301.7508A-1(c)(1). Affected taxpayers with a covered deadline on or after October 29, 2023, and before February 29, 2024, will have until February 29, 2024, to complete the acts. This includes filing Form 5500 series returns that are required to be filed on or after October 29, 2023, and before February 29, 2024.
“Affected taxpayer” automatically includes any individuals who live, and businesses whose principal place of business is located, in the covered disaster area. Those who reside or have a business located outside the covered disaster area, but have been affected by the disaster, may contact the IRS to request relief.
Taxpayers should consult with their tax advisor to understand the impact of the deadline relief on their own situation.