News & Tax Alerts: Tax Alerts – State

TS Harvey IRS Tax Relief; Tax Reform Update and Resources

Wednesday, November 8, 2017   (0 Comments)
Posted by: Ann Lupo

IRS Tax Relief for Victims of TS Harvey in Louisiana

Victims of Tropical Storm Harvey that took place beginning on Aug. 27, 2017 in parts of Louisiana may qualify for tax relief from the Internal Revenue Service.

Individuals who reside or have a business in Acadia, Allen, Assumption, Beauregard, Calcasieu, Cameron, DeSoto, Iberia, Jefferson Davis, Lafayette, Lafourche, Natchitoches, Plaquemines, Rapides, Red River, Sabine, St. Charles, St. Mary, Vermilion and Vernon Parishes may qualify for tax relief.

The declaration permits the IRS to postpone certain deadlines for taxpayers who reside or have a business in the disaster area. For instance, certain deadlines falling on or after Aug. 27, 2017 and before Jan. 31, 2018, are granted additional time to file through Jan. 31, 2018. Read the full news release.

Resources – Tax Cuts and the Jobs Act

As you know, the U.S. House has received tax legislation introduced by House Ways and Means Committee Chairman Brady.

AICPA Tax Advocacy Team has provided a quick video overview of the bill on the Tax Reform Resource Center, and will add subsequent updates throughout the legislative process.   

Over the next few days, the AICPA Tax Advocacy team and tax committees will review the bill, and share updates on the Tax Reform Resource Center as they become available. 

The Ways and Means Committee will hold a mark-up of the bill this week, with the goal of passing a bill by Thanksgiving.    

You can find the entire text of the bill online – it’s more than 400 pages long.

There’s also a summary of the legislation – it’s only 76 pages long.

In addition, AICPA hears that the Senate bill may be introduced soon.   

The AICPA urges simplification of the tax code in a recently issued press release.

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