News & Advocacy Alerts: Advocacy Alerts

Disaster Assistance: IRS Tax Relief, Free Webcast Tomorrow

Wednesday, September 2, 2020  
Posted by: Ann Lupo

Weathering disasters together.

Our thoughts and prayers are with those in Louisiana and Texas impacted by Hurricane Laura. We know all too well the resulting devastation caused to homes and businesses. Just as with past disasters, LCPA is committed to keeping you updated on additional resources and disaster assistance as it becomes available.

We are in contact with IRS and LDR to provide tax relief, and you’ll see some results below. Your LCPA Advocacy Team will continue to update you on what’s to come in the form of additional tax relief.

Be sure to register for the free 1-hour webcast tomorrow, Turbulent Times: Disaster Recovery and Resilience, Sept 3, 1-2pm. It features Jerry Schreiber who has been a tremendous asset not only to LCPA, but to state CPA societies across the country.

We’re maintaining a comprehensive list of disaster-related resources, both general in nature and those specific to Hurricane Laura. Keep in mind that the AICPA’s Benevolent Fund assists members through temporary periods of financial difficulty. Let us know if we can help you navigate the application process.

Also, if you are in need of office space or have office space to share with a displaced member, please contact LCPA at 800.288.5272.

Please contact us if we can be of help.

Ron Gitz II, CPA, CGMA
LCPA CEO/Executive Director

IRS provides tax relief for victims of Hurricane Laura

IR-2020-197 August 31, 2020 — Victims of Hurricane Laura that began August 22 now have until December 31, 2020, to file various individual and business tax returns and make tax payments, the IRS announced today. The IRS is offering this relief to any area designated by the Federal Emergency Management Agency (FEMA) as qualifying for individual assistance.

At the time of the IRS announcement qualifying areas included Allen, Beauregard, Calcasieu, Cameron, Jefferson Davis and Vernon parishes in Louisiana. FEMA has already added parishes to the individual assistance list (Louisiana Hurricane Laura DR-4559-LA – Designated Areas Individual Assistance). Taxpayers in localities added later to the disaster area will automatically receive the same filing and payment relief.

LDR – The LCPA Advocacy Team is communicating with the Louisiana Department of Revenue (LDR) regarding state tax filing relief. The LDR natural disaster sales tax refund claim form (R-1362) has been updated and will be online soon.

LTC – The Louisiana Tax Commission has issued a Statewide Advisory 08-2020 that encourages any taxpayer whose property was destroyed, damaged, non-operational, or uninhabitable due to Hurricane Laura or Marco to document all issues, damages, or destruction and submit all documentation, including photographs, to their assessor.

We recognize that many who have been affected may not be in the FEMA Designated parishes for individual assistance. We are communicating with IRS and LDR regarding the need for 9/15 tax filing relief for the parishes declared for Public Assistance rather than only the FEMA Designated Individual Assistance Areas.

Questions about the content of this Alert should be directed to LCPA State Government Relations Director Linda Babin.

Free Webcast • Thursday, September 3 • 1-2p

CPAs play a key role in advising business clients to prepare disaster recovery plans. But what about personal disasters as well? How will financial needs, both immediate and long-term, be met for both a business and family hit by disaster? How can CPAs help their clients minimize financial loss and expedite recovery? What resources are available to both business and individuals?

CPAs can go way beyond traditional personal finance or estate planning services and provide assistance to those trying to recover from personal disasters with their knowledge of taxation as well. This webcast will give you updated tools and resources to help expedite financial recovery during turbulent times.

Turbulent Times: Disaster Recovery and Resilience
CPE: 1 hour
Fee: Free for members and non-CPA staff
Note: Confirmation will come from CalCPA.