IRS Announces Tax-Related Deadline Relief for Puerto Rico Storm Victims
The IRS has issued News Release PR-2020-03, providing for the postponement of certain tax-related deadlines for victims of September 13, 2020, storm and flood events on the island of Puerto Rico. In addition to extending certain tax filing and tax payment deadlines, the relief includes completion of many time-sensitive, tax-related acts described in Treasury Regulation 301.7508A-1(c)(1), which include filing Form 5500 for retirement plans, completing rollovers, making retirement plan loan payments, etc.
The area included in the relief at this time includes Arecibo parish. Taxpayers in other locations will automatically be added to the relief if the disaster area is further expanded.
Affected taxpayers with a covered deadline occurring on or after September 13, 2020, and on or before January 15, 2021, will have until January 15, 2021, to complete the act. “Affected taxpayer” automatically includes anyone who resides, or has a business located, within the designated disaster area. Those who reside or have a business located outside the identified disaster area, but have been affected by the disaster, may contact the IRS at 866-562-5227 to request the relief.