IRS extends filing and payment deadlines for certain South Carolina taxpayers

Tax Hot Topics
South Carolina taxpayers filing extendedThe IRS has extended until Feb. 16, 2016, the deadlines for most income tax returns, income tax payments and other time-sensitive actions for taxpayers affected by flooding in federally declared disaster areas in South Carolina. In addition, the IRS is waiving failure-to-deposit penalties for federal payroll and excise tax deposits until Oct. 16, 2015.

The IRS relief applies to taxpayers who reside in or have a principal place of business in one of the  following counties: Berkeley, Calhoun, Charleston, Clarendon, Darlington, Dorchester, Florence, Georgetown, Horry, Kershaw, Lee, Lexington, Orangeburg, Richland, Sumter and Williamsburg. However, it is possible other counties may be added as the government assesses damages. Taxpayers whose books and records are located in an affected area are also eligible for relief. The relief applies to deadlines on or after Oct. 1, 2015. It includes:
Individual returns due on Oct. 15
  • Estimated tax payments due Jan. 15
  • Payroll and excise tax returns for the third and fourth quarters of 2015
  • Forms 5500 due on Oct. 15
  • Forms 990 due on Nov. 15

The IRS automatically identifies taxpayers located in covered disaster areas and applies the administrative relief. Taxpayers whose residence or principal place of business is outside an identified county must call the IRS disaster hotline at +1 866 562 5227 to be included.

The extended deadline of Feb. 16, 2016, applies to all the tax returns, tax payments and time-sensitive actions listed in Section 7508A, Treas. Reg. Sec. 301.7508A-1(c)(1) and Rev. Proc. 2007-56, which include:
Filing any income, estate, gift, employment or excise tax return EXCEPT for the firearms tax, harbor maintenance tax, and alcohol and tobacco taxes
  • Paying any income, estate, gift, generation-skipping tax or excise tax EXCEPT for the firearms tax, harbor maintenance tax, and alcohol and tobacco taxes
  • Filing of Form 5500 series returns
  • Making contributions to qualified retirement accounts (including a rollover or reversing a rollover)
  • Deadlines related to like-kind exchanges
  • Filing a petition with the Tax Court
  • Allowance of a credit or refund of any tax
  • Filing a claim for credit or refund of any tax
  • Bringing suit upon a claim for credit or refund of any tax
  • Giving or making any notice or demand for the payment of any tax, or regarding any liability to the United States in respect of any tax
  • Collection by levy or otherwise of any outstanding tax liability
  • Bringing suit by the United States or any officer on its behalf, in respect of any liability in respect of any tax

The deadlines for excise tax and federal payroll deposits that are not covered under the relief listed above are extended to Oct. 16, 2015.

Dustin Stamper
T +1 202-861-4144

Tax professional standards statement
This content supports Grant Thornton LLP’s marketing of professional services and is not written tax advice directed at the particular facts and circumstances of any person. If you are interested in the topics presented herein, we encourage you to contact us or an independent tax professional to discuss their potential application to your particular situation. Nothing herein shall be construed as imposing a limitation on any person from disclosing the tax treatment or tax structure of any matter addressed herein. To the extent this content may be considered to contain written tax advice, any written advice contained in, forwarded with or attached to this content is not intended by Grant Thornton LLP to be used, and cannot be used, by any person for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code.

The information contained herein is general in nature and is based on authorities that are subject to change. It is not, and should not be construed as, accounting, legal or tax advice provided by Grant Thornton LLP to the reader. This material may not be applicable to, or suitable for, the reader’s specific circumstances or needs and may require consideration of tax and nontax factors not described herein. Contact Grant Thornton LLP or other tax professionals prior to taking any action based upon this information. Changes in tax laws or other factors could affect, on a prospective or retroactive basis, the information contained herein; Grant Thornton LLP assumes no obligation to inform the reader of any such changes. All references to “Section,” “Sec.,” or “§” refer to the Internal Revenue Code of 1986, as amended.