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IRS Announces Tax Extensions for North Carolina Hurricane Victims; Others Expected

Wednesday, October 12, 2016 - 9:00AM

The Internal Revenue Service (IRS) Tuesday announced that North Carolina storm victims in 10 counties will have until March 15, 2017, to file certain individual and business tax returns and make certain tax payments due to the effects of Hurricane Matthew. The announcement said similar relief is expected for hurricane victims in other states. The announcement comes after the Federal Emergency Management Agency (FEMA) made a major disaster declaration for areas of Florida and Georgia, as well as emergency declarations for areas of North Carolina and South Carolina. Rev. Proc. 2014-49 provides temporary relief from certain requirements of Internal Revenue Code (IRC) Section 42 and 142 for agencies and owners of low-income housing tax credit (LIHTC) properties in areas where there are major disaster declarations and Rev. Proc. 2014-50 similarly applies to properties financed with tax-exempt bonds. The IRS announcement about tax extensions said the tax relief postpones various deadlines that started Oct. 4.

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