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Some Minnesota taxpayers eligible for relief after fall floods

When nature makes itself felt in a major way, you don’t really have a choice on how to respond. You just do what you have to do to survive. This is something that Minnesotans understand. Whether they live in the Twin Cities or in more rural areas of the state, weather has a way of creating demands that have to be dealt with immediately.

Business tax obligations, such as quarterly payments to the IRS for anticipated income and payroll, might be one item that gets shunted down the list of priorities after a natural disaster. Falling behind on such things can trigger notices from the IRS and leave you facing pressure you can’t handle.

Fortunately, this might be something that is easy to deal with for victims of severe storms and floods that hit the state back in September. Because of the onslaught, President Obama declared a major disaster for some counties.

Under the designation, the IRS can be a little looser on some deadlines for individuals who live or have businesses in the affected area. It is possible that people in the covered region already received a late filing or late payment penalty notice. The IRS says the penalties can be abated by calling the agency phone number provided in the notice.

The tax relief may also be available to those who live or work outside the covered disaster area. However, those individuals have to take the initiative to ask for it, calling the IRS disaster hotline at 866-562-5227.

Of course, the scope of relief has limits and if significant issues remain, it may be wise to contact an attorney experienced in resolving disputes over heavy penalties and fines.

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