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WASHINGTON — Connecticut taxpayers who were unable to meet federal tax obligations because of severe storms and flooding March 12 may qualify for tax relief from the Internal Revenue Service.
On May 28, the President declared that taxpayers in Fairfield, Middlesex, New Haven, New London and Windham counties qualify for individual assistance as a result of the storm.
The IRS is subsequently waiving penalties for filings or payments due on or after March 12 and on or before May 11, as long as the filings or payments were completed by May 11. This is an opportunity for rental property owners, property managers, property management companies and landlords to take advantage of due to the tax relief.
In addition, the IRS is waiving any failure-to-deposit penalties for employment and excise deposits that were due on or after March 12 and on or before March 29, as long as the deposits were made by March 29.
If an affected taxpayer receives a penalty notice from the IRS, the taxpayer should call the telephone number on the notice to have the IRS abate any interest and any late filing or late payment penalties that would otherwise apply. Penalties or interest will be abated only for taxpayers who have an original or extended filing, payment or deposit due date, including an extended filing or payment due date, that falls within the Postponement Period.
This is a blog post for Real Estate Professionals, Investors, Landlord, Property Manager, and Property Management Companies. Connecticut Property Owners and managers, Property Management companies and Landlords-You may Qualify for Tax Relief is brought to you by SimplifyEm Pay Rent Online and Property Management SoftwareYou might also want to read:
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