IRS Provides Tax Relief for Victims of Hurricane Ida

Hurricane Ida, which began on August 26, barreled through the state of Louisiana and has left millions without power and much of Louisiana in a state of disaster. If you were impacted by Hurricane Ida we want you to know TurboTax is here for you, and we want to keep you up to date with important tax relief information that may help you in this time of need.

The Federal Emergency Management Agency (FEMA) declared the recent events as a disaster and the IRS announced that victims of the hurricane that occurred in Louisiana now have until January 3, 2022 to file various individual and business tax returns and make certain tax payments. Currently, this includes the entire state of Louisiana, but taxpayers in Ida-impacted localities designated by FEMA in neighboring states will automatically receive the same filing and payment relief.

What are the extended tax and payment deadlines for victims of Hurricane Ida?

The tax relief postpones various tax filing and payment deadlines that occurred starting on August 26, 2021. As a result, affected individuals and businesses will have until January 3, 2022 to file returns and pay any taxes that were originally due during this period. These include:

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  • 2020 Individual and Business Returns with Valid Extensions: Individuals that had a valid extension to file their 2020 return due to run out on October 15, 2021 will now have until January 3, 2022 to file. Businesses with extensions also have until January 3, 2022 including, among others, calendar-year corporations whose 2020 extensions run out on October 15, 2021. The IRS noted that because tax payments related to 2020 returns were due on May 17, 2021, those payments are not eligible for an extension.
  • 2020 Quarterly Estimated Tax Payments: 2021 quarterly estimated tax payments with a deadline of September 15, 2021 have been extended until January 3, 2022.
  • Quarterly Payroll and Excise Tax Returns: Quarterly payroll and excise tax returns that are normally due on November 1, 2021, are also extended until January 3, 2022. In addition, penalties on payroll and excise tax deposits due on or after August 26 and before September 10 will be abated as long as the deposits were made by September 10, 2021.

Calendar-year tax-exempt organizations, operating on a calendar-year basis that have a valid 2020 tax return extension due to run out on November 15, 2021 also qualify for the extra time.

What do I need to do to claim the tax extension?

The IRS automatically provides filing and penalty relief to any taxpayer with an IRS address of record located in the disaster area. Taxpayers do not need to contact the IRS to get this relief. However, if an affected taxpayer receives a late filing or late payment penalty notice from the IRS that has an original or extended filing, payment or deposit due date falling within the postponement period, the taxpayer should call the number on the notice to have the penalty abated.

The current list of eligible localities is always available on the disaster relief page on IRS.gov.

Do surrounding areas outside of Louisiana qualify for an extension?

The IRS will work with any taxpayer who lives outside the disaster area but whose records necessary to meet a deadline occurring during the postponement period are located in the affected area. Taxpayers qualifying for relief who live outside the disaster area need to contact the IRS at 866-562-5227. This also includes workers, assisting the relief activities, who are affiliated with a recognized government or philanthropic organization.

How can I claim a casualty and property loss on my taxes if impacted?

Individuals or businesses who suffered uninsured or unreimbursed disaster-related casualty losses can choose to claim them on either the tax return for the year the loss occurred (in this instance, the 2021 return filed in 2022), or the loss can be deducted on the tax return for the prior year (2020). Individuals may also deduct personal property losses that are not covered by insurance or other reimbursements. Be sure to write the FEMA declaration number – 4611 − for Hurricane Ida in Louisiana on any return claiming a loss.

The tax relief is part of a coordinated federal response to the damage caused by the harsh storms and is based on local damage assessments by FEMA. For information on disaster recovery, visit disasterassistance.gov.

If you are not a victim, but you are looking to help those in need, this is a great opportunity to donate or volunteer your time to legitimate 501(c)(3) not-for-profit charities who are providing relief efforts for storm victims.

Check back with the TurboTax blog for more updates on disaster relief. For more tax tips in 5 minutes or less, subscribe to the Turbo Tips podcast on Apple Podcasts, Spotify and iHeartRadio

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Source: IRS Provides Tax Relief for Victims of Hurricane Ida

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Caribbean 7.7 Quake: Two Terrible Myths And One Great Piece Of Advice

Shaken, not stirred.

As plenty of you have likely noticed, a rather powerful magnitude 7.7 earthquake took place underwater, 10 kilometres (6.2 miles) beneath the seafloor, northwest of Jamaica and south of Cuba on Tuesday 28th. What is for now the mainshock in the sequence – the most powerful in a series of earthquakes – the 7.7 temblor was intense enough for its shaking to be felt all over the region, even as far as Miami, 710 kilometres (441 miles) away from the epicentre.

A few hours later, a magnitude 6.5 quake took place a little closer to the Cayman Islands, likely a potent aftershock of the 7.7 mainshock. Plenty of aftershocks will continue to rock the region for several weeks or months, with a small but non-zero chance that an earthquake more powerful than the current mainshock may also take place in the area.

Fortunately, despite some infrastructural damage in spots around the region, and the initial tsunami warning, this turned out to be nothing close to a tragedy. Apart from the fact that this earthquake took place a decent enough distance from settlements, the fault that ruptured was a strike-slip variety, wherein one ‘block’ moves sideways with respect to another. This normally doesn’t permit the mass movement of significant volumes of water – i.e. a tsunami – although there are some exceptions to this. In this case, no such hazardous tsunami was reported anywhere.

As with all powerful earthquakes, a few myths and pieces of misinformation skittered about online shortly after it happened. Right at the end of 2019, I put together a piece outlining some of the commonest, aggravating and sometimes downright dangerous misconceptions about major geological events – and surprise surprise, several of them reared their heads yet again during yesterday’s earthquake and tsunami scare.

First misconception: “Wow, this earthquake took place really close to the ones afflicting Puerto Rico at the moment. They must be connected, and I bet they’re going to trigger all kinds of earthquakes now around the Ring of Fire!”

Nope. The Ring of Fire doesn’t overlap with any of the quakes or fault lines within the Caribbean Sea, which contains Puerto Rico, Cuba and Jamaica, along with a myriad of other islands and several of the shorelines of Central and South American countries. The Ring of Fire is over in the Pacific, not the Atlantic. So there’s that. At least get your geography right.

In any event, the Ring of Fire is silly. This loop, which surrounds much of the vast Pacific Ocean, features constantly shifting, sliding and grinding plate boundaries, all with their own network of segregated or closely spaced faults. This continuous activity means that 75 percent of the world’s (known) volcanic activity and 90 percent of the world’s earthquakes take place along it.

Once more, for the people at the back: none of the eruptions that take place on the Ring of Fire are related to each other. And for the most part, none of the earthquakes are either. (There is a chance that some earthquakes can trigger volcanic eruptions if they are literally right on top of one another, but this is a very contentious subject with no concrete answers available at present.) It is a designation that really doesn’t make sense, geologically speaking.

If two faults are close enough, a powerful earthquake on one can trigger an earthquake on another. In this case, the rule doesn’t apply, even though both earthquake sequences – Puerto Rico and Jamaica/Cuba/Cayman Islands – are taking place in the same sea. The general rule of thumb is that this triggering mechanism only applies when the second fault is no further away than three to four times the length of the original fault that ruptured.

As Caltech seismologist Lucy Jones took to Twitter to explain, the Puerto Rico mainshock took place on a 24-kilometre (15-mile)-long fault. That 7.7 quake yesterday was more than 1,300 kilometres (800 miles) away, or 53 times the distance of the fault that ruptured near Puerto Rico. There is no way these two earthquake sequences are connected.

Second misconception: “There are a lot of earthquakes happening around the world at the moment, right?”

Nope. Earthquakes happen around the world on all flavours of fault lines in an essentially randomised manner. Most never get reported on, because they are too weak to be felt or, even if they could be felt, are too far away from human populations to cause any damage, or at least any significant damage.

Puerto Rico’s earthquakes have been making the news because they have produced intense enough shaking to cause damage and some deaths. Yesterday’s earthquake made headlines because it was very powerful, close to major population centres, and came with a potential tsunami risk. If both happened in the middle of nowhere with no tsunami risk, they wouldn’t have made the news.

More powerful earthquakes also happen far less frequently than less powerful ones. In the past 24 hours alone, there have been 137 earthquakes detected coming in at or above a magnitude 1.5. In the past week? 1,350 of them. This is all completely normal, and the vast majority of these haven’t made the news. The ones that did were, once again, the powerful ones that may have, or did, pose a risk to human populations.

The Earth is rocking no more, or less, than it was a year, decade, century or millennium ago. Don’t let the way it’s reported in the media distort that set-in-stone fact.

Amidst all this bemusement, a piece of advice from Susan Hough, a seismologist with the U.S. Geological Survey, stood out. Even though there was no tsunami accompanying this latest Caribbean temblor, and even though there was unlikely to be one, if those on the shorelines felt strong shaking, they should – no matter what, even if there aren’t sirens or alerts – have headed to higher ground.

Tsunami warnings are not always that precise, nor are they able to be given with sufficient time to trigger appropriate evacuations. The lethal Sulawesi tsunami in Indonesia in 2018 occurred on another strike-slip fault within a bay; compared to deep-sea tsunamis, it was able to slam into densely populated coastlines within a fraction of the time. Earthquakes were detected the moment they occurred, but the unique geography of the narrow bay produced a far more devastating tsunami that the strike-slip rupture otherwise would have done. This underestimation by the local authorities was combined with another problem: several cellphone towers were downed due to the quake, meaning that tsunami alerts were not sent out to all vulnerable populations. Thousands of people perished that day.

Crucially, strong shaking was felt on several coastlines within the bay prior to the tsunami’s arrival. And thus the mantra still stands: no matter what warning you have or haven’t got, and no matter what anyone else around you is or isn’t doing, if you feel strong shaking on a beach, get to higher ground.

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Robin George Andrews is a doctor of experimental volcanology-turned-science journalist. He tends to write about the most extravagant of scientific tales, from eruptions and hurricanes to climate change and diamond-rich meteorites from destroyed alien worlds – but he’s always partial to a bit of pop culture science. Apart from Forbes, his work has appeared in The Atlantic, National Geographic, Scientific American, The New York Times, The Verge, Atlas Obscura, Gizmodo, WIRED and others. You can get in touch with him at robingeorgeandrews.com.

Source: Caribbean 7.7 Quake: Two Terrible Myths And One Great Piece Of Advice

With massive Hurricane Florence Approaching, a million People are Urged to Evacuate – Reuters

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South Carolina on Monday ordered an estimated 1 million people to evacuate its coast as the state and neighboring North Carolina brace for a hit from Hurricane Florence, the most powerful storm to take aim at the US mainland this year. The storm had winds of 130 miles per hour and was due to gain strength before making landfall, which the US National Hurricane Center said was likely to occur early Thursday in the Carolinas, bringing heavy rain that could cause severe flooding through the region.

Reda more: https://www.pri.org/stories/2018-09-10/massive-hurricane-florence-approaching-million-people-are-urged-evacuate

 

 

 

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