ComplianceTax & AccountingFebruary 07, 2020

Puerto Rico disaster relief: IRA and HSA deadlines extended for some

Due to the destruction caused by earthquakes that took place beginning on December 28, 2019 in Puerto Rico, the President has declared that a major disaster exists in Puerto Rico. As a result, taxpayers that reside in or have a business located in an affected area may qualify for tax relief.

The tax relief postpones until April 30, 2020 certain deadlines falling on or after December 28, 2019 and before April 30, 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.

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 this reason, the deadline for custodians and trustees to file IRS Forms 1099-R (IRAs), 1099-SA (HSAs), and 1099-Q (CESAs) that report distributions is not extended.

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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.