Hurricane Matthew swept through the Southeastern region of the U.S., causing billions of dollars in damages and making it difficult on some homeowners who planned on filing their taxes by the Oct. 17 extension deadline. Now, however, they could be qualified for an extension.
The Internal Revenue Service advised taxpayers who were affected by Hurricane Matthew but not yet covered by a federal disaster declaration with individual assistance that they may qualify for relief from penalties if they are unable to meet Monday’s extended deadline.
For areas with disaster declarations for individual assistance, taxpayers have until March 15, 2017 to file their returns that were previously due Monday.
“The hurricane and flooding have hit many different states hard, and the timing of this is especially tough for taxpayers and tax professionals planning to file by the Oct. 17 extension deadline,” IRS Commissioner John Koskinen said.
“We have been watching this situation unfold and remain in close touch with FEMA,” Koskinen said. “We will do everything we can to work with taxpayers who are in affected areas.”
Of course, for those expecting a refund, there is no penalty for filing after the deadline even without the new extension.
The IRS noted that even homeowners outside of the federally declared disaster area can receive relief if they received a penalty by replying in writing to the IRS and explaining their situation.
And the IRS isn’t the only one extending help to those whose homes and lives were affected by the hurricane. Fannie Mae and Freddie Mac both sent out notices that homeowners in the region impacted by the hurricane have several mortgage assistance programs available to them.
Also, until homeowners can find a way to recover from the recent losses caused by the hurricane, Airbnb, an app that helps people find short-term rentals, is helping homeowners offer space in their homes for free to those whose homes were damaged or destroyed by Hurricane Matthew. Just click here, then select your area and that you either want to offer up your home for free or that you need a home.