IRS tax break for hurricane Isaac people

Hurricane Isaac tax deal

Hurricane Isaac hit the gulf area pretty hard this late August and the IRS realizes that it is time for a tax deal to help out those affected by it in certain areas.

Those areas include Louisiana parishes such as Ascension, Jefferson, Lafourche, Livingston, Orleans, Plaquemines, St. Bernard, St. Charles, St. John the Baptist and St. Tammany.


Mississippi counties are, Jackson, Hancock, Pearl and Harrison.

The Internal Revenue Service

Tax relief  for individual assistance goes out to those counties listed above and businesses in them. If there are more areas to be involved they will be listed soon by FEMA.
Aha!, not so fast, so far you aren't saving money in all cases but mostly putting off the payment till later.

The deal will postpone some tax filing and people and businesses affected will have until January 11, 2013 to file and pay taxes due on or after Aug. 26, 2012 and this is also going to be for those who had an extension to wait until September 17, 2012 for filing 2011 returns.

The deal also involves businesses

That had gotten an October 15, 2012  deadline on extension.

So the money for taxes here also includes the estimated tax for the third quarter of 2012 that would have been due on September 17, 2012

The IRS said

That they "Will abate any interest, late-payment or late-filing penalty that would otherwise apply. In addition, the IRS is waiving failure-to-deposit penalties for federal employment and excise tax deposits normally due on or after Aug. 26 and before Sept. 10, if the deposits are made by Sept. 10, 2012. "