Not to wear you out Tom....will the disaster like Helene postpone the SOL for both the IRS and for the taxpayer. Much thanks. Great having this sounding board.
I'm glad that you addressed the issue of the "qualified disaster loss" and the specific date limitations of that loss treatment. Having dealt with major hurricane losses here in south Louisiana, I feel for everyone affected by Helene. This horrible storm will also make for a tough tax season coming for preparers dealing with their clients' losses as they battle with their insurance companies for months, sometimes years - it can result in a lot of uncertainty as to what the losses actually are or will be - resulting in having to delay preparation of returns. Preparers will also have to be on the watch for the different states affected, to see if they come out with any special disaster tax treatments/provisions - those can take a while to be issued.
First let me blow off some steam. Alabama Dept of Revenue issued a press release today basically indicating no blanket postponement for the state even though the IRS did. Unbelievable. For the IRS, no returns of payments are due because of Helene until May1st 2025.:
1. Will sole proprietors have until May 1st 2025 to make a 2023 SEP or solo 401(k) contribution? If so, in our state, do you think they will disallow such a postponed contribution on the state return (a tad rhetorical)?
2. Does FINCEN and their BOI filing requirements take storms into account and postpone until May 1st 2025 for us in Alabama (and for other postponed dates for other states)? My googling did not produce an answer which to me, means no postponement.
Not to wear you out Tom....will the disaster like Helene postpone the SOL for both the IRS and for the taxpayer. Much thanks. Great having this sounding board.
You can use the process indicated above to research that.
I'm glad that you addressed the issue of the "qualified disaster loss" and the specific date limitations of that loss treatment. Having dealt with major hurricane losses here in south Louisiana, I feel for everyone affected by Helene. This horrible storm will also make for a tough tax season coming for preparers dealing with their clients' losses as they battle with their insurance companies for months, sometimes years - it can result in a lot of uncertainty as to what the losses actually are or will be - resulting in having to delay preparation of returns. Preparers will also have to be on the watch for the different states affected, to see if they come out with any special disaster tax treatments/provisions - those can take a while to be issued.
First let me blow off some steam. Alabama Dept of Revenue issued a press release today basically indicating no blanket postponement for the state even though the IRS did. Unbelievable. For the IRS, no returns of payments are due because of Helene until May1st 2025.:
1. Will sole proprietors have until May 1st 2025 to make a 2023 SEP or solo 401(k) contribution? If so, in our state, do you think they will disallow such a postponed contribution on the state return (a tad rhetorical)?
2. Does FINCEN and their BOI filing requirements take storms into account and postpone until May 1st 2025 for us in Alabama (and for other postponed dates for other states)? My googling did not produce an answer which to me, means no postponement.
1. I believe whether these are postponed would be in Rev. Proc. 2018-58; you must check there. As for the state issue, I have no idea.
2. The tax postponements are Title 26 and do not apply to Title 31, as far as I know.