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September 13: The IRS this week updated an earlier September 5 release that provided tax relief—i.e., postponed tax return filing and payment deadlines—for business and individual taxpayers located in designated areas of Louisiana and Mississippi that were affected by Hurricane Isaac.
The updated IRS release—IR-2012-70 (posted September 12, 2012)—adds new Louisiana parishes and Mississippi counties to the lists of areas subject to disaster declarations issued by the Federal Emergency Management Agency.
The expanded lists of affected locations now include:
- Parishes in Louisiana—Ascension, Assumption, Iberville, Jefferson, Lafourche, Livingston, Orleans, Plaquemines, St. Bernard, St. Charles, St. Helena, St. James, St. John the Baptist, St. Mary, St. Tammany, Tangipahoa, Terrebonne, and Washington
- Counties in Mississippi—Adams, Amite, Clarke, Forrest, George, Hancock, Harrison, Hinds, Jackson, Lincoln, Marion, Pearl River, Pike, Stone, Walthall, Warren, and Wilkinson
The tax relief postpones until January 11, 2013, certain tax filing and tax payment deadlines on or after August 26, 2012. This relief applies for:
- Corporations and businesses that had previously obtained an extension until September 17, 2012, to file their 2011 returns
- Individuals and businesses that had received a similar extension to file their returns by October 15, 2012
- Estimated tax payment for the third quarter of 2012 (normally due September 17, 2012)
The IRS stated that it will abate any interest, late-payment or late-filing penalty that would otherwise apply, and is waiving failure-to-deposit penalties for federal employment and excise tax deposits normally due on or after August 26 and before September 10, 2012, if the deposits are made by September 10, 2012.
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KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever.
The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.
Direct comments, including requests for subscriptions, to us-kpmgwnt@kpmg.com.
For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at:
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©2012 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.
The KPMG logo and name are trademarks of KPMG International.
KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever.
The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.
Direct comments, including requests for subscriptions, to us-kpmgwnt@kpmg.com.
For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at:
+ 1 202 533 4366
1801 K Street NW
Washington, DC 20006.
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