FICPA is continually monitoring government channels and will update this site with relevant information as it becomes available.
If we can be of any assistance to members recovering from the effects of Hurricane Irma, please contact us. Our Member Service team can be reached at 800-342-3197 or by emailing msc@ficpa.org.
FICPA Hurricane Irma Extension Update
IRS Tax Relief for Victims of Hurricane Irma in Florida:
The IRS is now offering expanded relief to any area designated by FEMA as qualifying for either individual assistance or public assistance in the State of Florida. This represents all 67 counties of Florida. See full declaration.
IRS Deadline Extensions:
The IRS is now offering expanded relief to any area designated by FEMA as qualifying for either individual assistance or public assistance in the State of Florida. Individuals who reside or have a business in Alachua, Baker, Bay, Bradford, Brevard, Broward, Calhoun, Charlotte, Citrus, Clay, Collier, Columbia, DeSoto, Dixie, Duval, Escambia, Flagler, Franklin, Gadsden, Gilchrist, Glades, Gulf, Hamilton, Hardee, Hendry, Hernando, Highlands, Hillsborough, Holmes, Indian River, Jackson, Jefferson, Lafayette, Lake, Lee, Leon, Levy, Liberty, Madison, Manatee, Marion, Martin, Miami-Dade, Monroe, Nassau, Okaloosa, Okeechobee, Orange, Osceola, Palm Beach, Pasco, Pinellas, Polk, Putnam, Santa Rosa, Sarasota, Seminole, St. Johns, St. Lucie, Sumter, Suwannee, Taylor, Union, Volusia, Wakulla, Walton, Washington counties may qualify for tax relief.
This represents all 67 counties of Florida.
Here is what this announcement means for those in the affected areas:
- Calendar year partnerships, LLCs and corporations on valid extension through September 15, 2017, now have until January 31, 2018, to file their tax returns (Forms 1065, 1120 and 1120S).
- Calendar year estates and trusts on valid extension through September 30, 2017, also have until January 31, 2018, to file their tax returns (Form 1041).
- Individual taxpayers on valid extension through October 16, 2017, now have until January 31, 2018, to file their tax returns (Form 1040).
Additionally, the quarterly individual and trust/estate estimated 2017 income tax payments due September 15, 2017, and January 15, 2018, do not have to be paid until January 31, 2018. Similarly any corporate or foreign partner withholding estimated 2017 income tax payments due on or after September 4, 2017, can be postponed without penalty or interest until January 31, 2018.
Florida Department of Revenue Deadline Extensions:
Corporate Income Tax extended until February 15, 2018. See full declaration.
Sales and Use Tax/ Motor Fuels extended until September 29, 2017. See full declaration.
Survivors with losses due to Hurricane Irma in Counties below may now register for disaster assistance from the Federal Emergency Management Agency, according to state and federal officials. Individuals can register online or through the FEMA App.
Important Resources
Hurricane Irma: Getting Started with Recovery
Featured FICPA Webinar
Hurricane Irma: Disaster Related Accounting and Auditing Issues
Featured FICPA Webinar
Internal Revenue Service
A listing of tax reliefs given by the IRS due to Irma.
Resources for Tax Professionals.
IRS Expands Tax Relief to Victims of Hurricane Irma across all counties in Florida; Extension Filers Have Until Jan. 31 to File.
Special tax law provisions may help taxpayers and businesses recover financially.
Special tax law provisions may help taxpayers and businesses recover financially.
List of affected areas and how Presidentially Declared Disaster Areas effect taxes.
A taxpayer does not have to be located in a federally declared disaster area to be an “affected taxpayer”.
Florida Department of Revenue
Another extension the Sales and Use Tax deadline has been announced. Originally scheduled for 9/19, now 9/29.
The Florida Department of Revenue has announced Corporate Income Tax deadline extended until February 15, 2018.
A listing of the emergency contact information for every county.
Disaster information from the Florida Department of Revenue.
American Institute of Certified Public Accountants
Helpful tips for small businesses owners affected by natural disasters.
Information on determining the amount of losses, and how to deduct them.
A resource center that provides AICPA members with the necessary resources and guidelines for the benevolent fund application process.
Other Resources
Hurricane Irma instructions and resources.
Disasters often strike quickly and without warning. This guide is designed to help you create a plan to move forward.
Hosts in the regions marked on the map are opening their homes for free from September 6, 2017 to September 28, 2017 for qualifying groups.
This program provides a source of expedient cash flow to Florida small businesses that have been physically and/or economically impacted by this storm.
On Oct. 6, 2017, Gov. Rick Scott activated a $25 million Florida Citrus Emergency Loan Program to support the state’s citrus businesses impacted by Hurricane Irma.
FICPA Legislative Advocacy
Thanks to FICPA’s legislative efforts, the IRS has expanded relief to all Florida counties. We’d like to thank Senator Nelson, Senator Rubio, Commissioner Koskinen, Commissioner Murphy, and Governor Scott for their prompt attention and care.
IRS State Extension Letter
FICPA Letter to Governor Rick Scott
FICPA Letter to Commissioner Murphy
Need Office Space?
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Technical Q&A
Send disaster-related technical tax questions to msc@ficpa.org.
We will provide answers to technical questions on an ongoing basis.
Frequently Asked Questions
What is the FICPA doing to assist CPAs impacted by Hurricane Irma?
The FICPA is in communication with the Department of Revenue regarding upcoming deadlines. Currently, the Department has not made any formal declaration and has informed us that they are looking at potential extensions for the upcoming deadlines.
The Governor’s office is coordinating with FEMA and has already requested that all 67 counties be eligible for individual assistance under FEMA. They anticipate that more counties will be included as the day and days go on.
What if my client does not live in an area designated by FEMA for assistance?
A taxpayer does not have to be located in a federally declared disaster area to be an “affected taxpayer.” Taxpayers are “affected” if records necessary to meet a filing or payment deadline postponed during the relief period are located in a covered disaster area
Practitioners located in the covered disaster area who maintain records necessary to meet a filing or payment deadline for taxpayers located outside the disaster area may elect to contact the IRS to identify such clients.
See Requests from Practitioners for Disaster Relief on methods of client identification.
Has the Florida Department of Revenue issued an extension or waiver for the sales tax deadline of September 19?
The FICPA is in communication with the Department of Revenue regarding upcoming deadlines. Currently, the Department has not made any formal declaration and has informed us that they are looking a potential extensions today.
Per the Department of Revenue:
Due to impacts from Hurricane Harvey and Irma, some taxpayers may be unable to file taxes timely. The Florida Department of Revenue will make every attempt allowed by law to work with affected businesses during this difficult time. On a case-by-case basis the Department will work with tax filers who, despite good-faith efforts, are unable to file tax returns as required by law because of Hurricane Harvey and Irma. Filing deadlines for taxpayers who are able to file will not change.
For Florida corporate income tax filers, the Department will follow the tax relief granted by Internal Revenue Service regarding postponement of return due dates. Florida corporate income/franchise tax returns originally due, or due on extension, between August 24, 2017 and January 1, 2018 are now due by February 15, 2018.
Taxpayers needing assistance should contact the Department to discuss their individual situation. To speak with a Department representative, call Taxpayer Services at 800-352-3671, Monday through Friday (excluding holidays).
What is affected taxpayer and and what records are necessary to meet a deadline for filing and paying?
Definition of an Affected Taxpayer
Source: IRS.gov
A taxpayer does not have to be located in a federally declared disaster area to be an “affected taxpayer.” Taxpayers are “affected” if records necessary to meet a filing or payment deadline postponed during the relief period are located in a covered disaster area.
An affected taxpayer can be:
- An individual
- Any business entity or sole proprietor
- Any shareholder in an S Corporation
(10/11) Q: I own an interest in a partnership, or I am a shareholder in an S Corporation that is located in a federally declared disaster area. However, I do not live in the disaster area myself. I rely on information (Schedule K-1) from the partnership or S Corp to file my tax return. Do I qualify as an affected taxpayer for purposes of receiving filing and payment relief?
Yes. If the affected partnership or S Corp cannot provide you the records necessary to file your return then you’re also an affected taxpayer. Your filing and payment deadlines are postponed until the end of the postponement period just like the affected partnership or S Corp.
To get the postponement for filing or payment, you must:
- Call the Disaster Assistance Hotline at 1-866-562-5227
- Explain that your necessary records are located in a covered disaster area
- Provide the FEMA Disaster Number of the county where the affected partnership or S Corp is located
- See Treas. Reg. § 301.7508A-1 and Rev. Proc. 2007-56 for a list of taxpayer acts that may be postponed in response to a federally declared disaster
Volunteer
In the wake of the storm many us Floridans will be seeking to aid and assist one another. We suggest reaching out to the American Red Cross Society, to find organized efforts to cooperate with relief efforts. Click here for the application.
Assignment of Benefits Fraud
Protect consumers from unscrupulous contractors.
It’s important to address the assignment of benefits for insurance coverage of repairs. Residents are encouraged to discuss this topic with their CPA who can provide another layer of oversight. This brochure from the Consumer Protection Coalition can inform and educate your clients and friends.
What is Assignment of Benefits?
Assignment of Benefits, or AOB for short, is a provision in a vendor’s repair contract. Originally called a “direction to pay,” a cottage industry of billboard trial lawyers and shady repair firms have found a way to exploit AOBs. They lure unsuspecting consumers to sign sweeping AOB authorizations that essentially result in the consumer handing over all of the rights and benefits of the insurance policies they bought and paid for. By asking you to sign an AOB, a third party may be attempting to take over your insurance policy!
READ MORE FROM THE AOB RESOURCE HERE