Tag Archive for Tax

RS Gives Tax Relief to Victims of California Wildfires; Extension Filers Have Until Jan. 31 to File

IR-2017-172, Oct. 13, 2017

WASHINGTON –– Victims of wildfires ravaging parts of California now have until Jan. 31, 2018, to file certain individual and business tax returns and make certain tax payments, the Internal Revenue Service announced today.

This includes an additional filing extension for taxpayers with valid extensions that run out this coming Monday, Oct. 16.

Currently, the IRS is providing relief to seven California counties: Butte, Lake, Mendocino, Napa, Nevada, Sonoma and Yuba. Individuals and businesses in these localities, as well as firefighters and relief workers who live elsewhere, qualify for the extension. The agency will continue to closely monitor this disaster and may provide other relief to these and other affected localities.

The tax relief postpones various tax filing and payment deadlines that occurred starting on Oct. 8, 2017. As a result, affected individuals and businesses will have until Jan. 31, 2018, to file returns and pay any taxes originally due during this period.

This includes the Jan. 16, 2018 deadline for making quarterly estimated tax payments. For individual tax filers, it also includes 2016 income tax returns that received a tax-filing extension until Oct. 16, 2017. The IRS noted, however, that because tax payments related to these 2016 returns were originally due on April 18, 2017, those payments are not eligible for this relief.

A variety of business tax deadlines are also affected, including the Oct. 31 deadline for quarterly payroll and excise tax returns. Calendar-year tax-exempt organizations whose 2016 extensions run out on Nov. 15, 2017 also qualify for the extra time.

In addition, the IRS is waiving late-deposit penalties for federal payroll and excise tax deposits normally due after Oct. 8 and before Oct. 23, if the deposits are made by Oct. 23, 2017. Details on available relief can be found on the disaster relief pageon IRS.gov.

The IRS automatically provides filing and penalty relief to any taxpayer with an IRS address of record located in the disaster area. Thus, taxpayers need not contact the IRS to get this relief. However, if an affected taxpayer receives a late filing or late payment penalty notice from the IRS that has an original or extended filing, payment or deposit due date falling within the postponement period, the taxpayer should call the number on the notice to have the penalty abated.

In addition, the IRS will work with any taxpayer who lives outside the disaster area but whose records necessary to meet a deadline occurring during the postponement period are located in the affected area. Taxpayers qualifying for relief who live outside the disaster area need to contact the IRS at 866-562-5227. This also includes firefighters and workers assisting the relief activities who are affiliated with a recognized government or philanthropic organization.

Individuals and businesses who suffered uninsured or unreimbursed disaster-related losses can choose to claim them on either the return for the year the loss occurred (in this instance, the 2017 return normally filed next year) or the return for the prior year (2016). See Publication 547 for details.

The tax relief is part of a coordinated federal response to the damage caused by these wildfires and is based on local damage assessments by FEMA. For information on disaster recovery, visit disasterassistance.gov.

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NY Filing Requirements for Highway Use Tax

ny-hut-highway-use-taxNew York State imposes a highway use tax (HUT) on motor carriers operating certain motor vehicles on New York State public highways (excluding toll-paid portions of the New York State Thruway). The tax rate is based on the weight of the motor vehicle and the method that you choose to report the tax.

If you have been issued a certificate of registration ( except a highway use tax trip certificate of registration), you must file a highway use tax return even if no tax is due, or even if another person will pay any tax due on the use of the vehicle operated under the certificate of registration.
There are two ways to file:
Web File: You may Web File your highway use tax return.
File by mail: You may file a paper tax return using Form MT-903, Highway Use Tax Return.

When to file and pay:

Quarterly – You must file a highway use tax return and make payment of tax due each quarter, starting with the calendar quarter when you began operations in New York State.

The periods and due dates for quarterly filing are:

Reporting quarter                       Due date
January through March                 April 30
April through June                         July 31
July through September                October 31
October through December           January 31 (following year)
Monthly – After filing quarterly in the first year, you will be reclassified by the Tax Department to a monthly filer if your preceding calendar year’s total highway use tax is more than $4,000. You must begin filing monthly highway use tax returns for the January reporting period. Returns are due by the last day of the month following each reporting period.

Requesting change of filing period

If your preceding calendar year’s total highway use tax liability is $4,000 or less, and you were subject to the highway use tax during the entire year, you may request permission to file quarterly.

If your preceding calendar year’s total highway use tax liability is $250 or less, and you were subject to the highway use tax during the entire year, you may request permission to file once a year.

Submit your request and taxpayer identification number to:
NYS Tax Department
Miscellaneous Tax – Highway Use Tax
W A Harriman Campus
Albany NY 12227

Always consult your tax professional before filing any returns..

Contact us to schedule an appointment and take the guess work out of filing. info@laebusiness.com

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