The severe damage inflicted by Hurricane Harvey led the Internal Revenue Service (IRS) to provide tax relief for victims in some parts of Texas. Affected individuals and businesses may file tax returns and settle payments until Jan. 31, 2018. IRS Commissioner John Koskinen said that they plan to grant the same tax relief soon to other affected areas.
Federal Emergency Management Agency-designated areas will be covered under the IRS tax relief. Eighteen counties in the state are qualified for the extension, although more people from other areas are expected to be eligible for the same arrangement.
The extension will apply to tax returns and payments with deadlines beginning on August 23. Individual taxpayers may also settle payments for their 2016 income tax returns, provided they already received a prior extension to file tax returns until October 16. Meanwhile, the IRS had reminded truckers and heavy vehicle operators to settle their federal highway use tax return that was due on August 31.
Equinox Business Solutions notes that tax services for truck drivers will be useful if you are not completely aware of how to file Form 2290. This form covers any taxable vehicle that was first used on public roads after July 2017 until the last day of the second month of using it.
Taxpayers with 25 or more taxed vehicles must file their returns electronically, although the IRS encouraged truckers to take advantage of filing their returns online and use electronic channels to settle payments.
The IRS’ tax relief will be beneficial for victims of Hurricane Harvey, as the filing extension will allow them to focus on more important matters in rebuilding their lives after the disaster. In case they are unaware of the process, truckers and operators should consider third party services when filing Heavy Highway Vehicle Use Tax returns.