Hurricane Laura
ComplianceTax & AccountingSeptember 23, 2020

Hurricane Laura disaster relief: IRA and HSA deadlines extended for some

Due to the damage caused by Hurricane Laura that began on August 22, 2020 the Internal Revenue Service (IRS) announced that affected taxpayers will receive tax relief.

For affected taxpayers the tax relief postpones until December 31, 2020 certain deadlines falling on or after August 22, 2020 and before December 31, 2020. Deadlines that apply to individual retirement accounts (IRAs), Health Saving Accounts (HSAs), Coverdell Education Savings Accounts (CESAs), and other tax-advantaged accounts that fall within this time period are extended. The IRS’s Disaster Assistance and Emergency Relief for Individuals and Businesses page has details on returns, payments, and tax-related actions qualifying for the additional time.

Please note that unless an act is specifically listed in Revenue Procedure 2018-58, the postponement of time to file and pay does not apply to information returns in the W-2, 1094, 1095, 1097, 1098, or 1099 series; to Forms 1042-S, 3921, 3922 or 8027; or to employment and excise tax deposits.

For an opportunity to learn more about IRAs and other tax-advantaged accounts including Health Savings Accounts and Coverdell Education Savings Accounts, consider our on-demand video training offered on a variety of topics. Go here to learn more about training opportunities available to you, or you can call us at 1-800-552-9408.
Mike Schiller
Manager, Specialized Consulting, Tax Advantaged Accounts
With more than 22 years of experience, Mike has worked closely with hundreds of financial organizations to help them create, implement, and maintain their tax-advantaged accounts program.