Connect with us

Maine

IRS Gives Taxpayers Impacted By Hurricane Lee In Maine And Massachusetts More Time

Published

on

IRS Gives Taxpayers Impacted By Hurricane Lee In Maine And Massachusetts More Time


Hurricane Lee made a dramatic impact in the northeastern part of the United States earlier this year, the third major hurricane of the 2023 Atlantic hurricane season. Now, the IRS has announced tax relief for individuals and businesses affected by the storm in Maine and Massachusetts.

Impacted Taxpayers

The IRS is offering relief to any area designated by the Federal Emergency Management Agency (FEMA).

Advertisement

That means that all individuals and households affected by Hurricane Lee that reside or have a business in Androscoggin, Aroostook, Cumberland, Franklin, Hancock, Kennebec, Knox, Lincoln, Oxford, Penobscot, Piscataquis, Sagadahoc, Somerset, Waldo, Washington, and York counties in Maine qualify for tax relief.

It also means that all individuals and households affected by Hurricane Lee that reside or have a business in Barnstable, Berkshire, Bristol, Dukes, Essex, Franklin, Hampden, Hampshire, Middlesex, Nantucket, Norfolk, Plymouth, Suffolk, and Worcester counties in Massachusetts qualify for tax relief.

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

Filing and Payment Relief

The tax relief postpones various tax filing and payment deadlines from Sept. 15, 2023, through Feb. 15, 2024. The result is that affected individuals and businesses will have until Feb. 15, 2024, to file returns and pay any taxes that were originally due during this period.

Advertisement

The new Feb. 15, 2024, deadline applies to individuals with a valid extension to file their 2022 return through Oct. 16, 2023. However, since tax payments for 2022 tax returns were due on April 18, 2023, those payments are not eligible for this relief. This means that the IRS is granting taxpayers more time to file, but not to pay.

However, the IRS is granting more time for individual taxpayers to pay for quarterly estimated income tax payments normally due on Sept. 15, 2023, and Jan. 16, 2024.

Businesses are also entitled to relief. That includes businesses that normally file quarterly payroll and excise tax returns on Oct. 31, 2023, and Jan. 31, 2024. In addition, penalties for failing to make payroll and excise tax deposits due on or after Sept. 15, 2023, and before Oct. 2, 2023, will be abated as long as the deposits are made by Oct. 2, 2023.

The IRS is also granting more time to calendar-year partnerships and S corporations with valid extensions through Sept. 15, 2023, and calendar-year corporations with extensions through Oct. 16, 2023.

Tax-exempt organizations get a break, too. Calendar-year tax-exempt organizations with valid extensions through Nov. 15, 2023, are entitled to relief.

Advertisement

How To Get Relief

Most taxpayers won’t need to do anything to get relief. The IRS automatically provides filing and penalty relief to taxpayers with an IRS address of record in the disaster area.

It is possible an affected taxpayer may not have an IRS address of record located in the disaster area—maybe you’ve moved, for example. If you’re entitled to relief, but receive a late filing or payment penalty notice from the IRS, you should call the number on the notice to have the penalty abated.

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—this also includes relief workers affiliated with a recognized government or philanthropic organization. Those taxpayers need to contact the IRS at 1.866.562.5227.

Casualty Loss Deductions

As a result of the Tax Cuts and Jobs Act, casualty loss deductions are not available for most taxpayers. However, individuals and businesses who are in a federally declared disaster area are entitled to the deduction.

Advertisement

You can claim a casualty loss deduction on either the return for the year the loss occurred—that’s the 2023 return filed in 2024 for losses due to Hurricane Lee—or the return for the prior year—that’s the 2022 return normally filed in 2023. Taxpayers have up to six months after the due date of their income tax return for the disaster year (without regard to any extension of time to file) to make the election.

Write the FEMA declaration number (3598-EM for Maine or 3599-EM for Massachusetts) on any return claiming a loss.

Relief Payments

Qualified disaster relief payments are generally excluded from gross income. This means that affected taxpayers can exclude funds received from a government agency for reasonable and necessary personal, family, living, or funeral expenses—as well as for the repair or rehabilitation of their home or the repair or replacement of its contents—from their gross income.

Additional relief may be available to affected taxpayers participating in a retirement plan or IRA. For example, a taxpayer may be eligible to take a special disaster distribution that would not be subject to the additional 10% early distribution tax, allowing the taxpayer to spread the income over three years. Taxpayers may also be eligible to make a hardship withdrawal. Each plan or IRA has specific rules and guidance for its participants to follow, so ask your plan administrator for more information.

More Information

The IRS disaster assistance and emergency relief for individuals and businesses page has details on other returns, payments, and tax-related actions qualifying for relief during the postponement period.

Advertisement



Source link

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Maine

HGTV Gives Portland, Maine, a New Nickname and It's Stupid

Published

on

HGTV Gives Portland, Maine, a New Nickname and It's Stupid


By now, it’s probably pretty clear that someone behind the scenes at HGTV really likes Portland, Maine. The powerhouse television network has featured Portland in many different ways through on-air and web content. That includes the city being chosen in 2020 for HGTV’s massive “Urban Oasis” contest.

So it shouldn’t come as a huge surprise that Portland was featured on another list from HGTV. It’s a list Portland has found itself on often from various publications. HGTV has named Portland, Maine, one of the ’50 Best Places to Live in America’ for 2024.

View of Portland, Maine 2022

Ray Tan

Naming Portland to the list isn’t the problem. The problem is the small blurb HGTV wrote to explain why Portland was featured on the list this year. The excerpt reads:

Advertisement

“…some locals jokingly refer to their culture-filled city as Portlyn, suggesting their city is the Maine equivalent of Brooklyn, which many consider the hippest of the five New York boroughs”

In life, there will be many firsts. And this is likely the first time hearing that “locals” refer to Portland, Maine, as ‘Portlyn’ for many people. It’s likely the first time you’ve heard it because it isn’t true. Nobody refers to Portland as ‘Portlyn’ and they never will.

Harbor in Portland Maine

Lisa5201

The foolish nickname HGTV invented shouldn’t anger Mainers as much as it will. HGTV meant it as a compliment. Maine’s largest city rivals New York City’s coolest and hippest borough for culture, food and fun. But here in Maine, we will still get annoyed and angry because that’s what we do. Nobody calls Portland “Portlyn” unless we say so.

Water taxis and boats on the busy Maine Wharf, Portland, Maine

jsnover

And we’re saying no.

Advertisement

 

23 Experiences That Make Summer in Southern Maine Great

Summer in Southern Maine is always fantastic. However, these 23 experiences make it even better.

Gallery Credit: Chris Sedenka

The 10 Safest Places in Maine to Live Right Now

Breaking down stats relating to violent and property crime, here are the 10 places in Maine that are the safest to call home right now according to SafeWise.com.

Gallery Credit: Joey





Source link

Advertisement
Continue Reading

Maine

Janice Cardoza: Beal offers broad experience, vision to House District 81

Published

on

Janice Cardoza: Beal offers broad experience, vision to House District 81


I would like to tell people about Joan Beal, who is running for representative of Maine House District 81.

I have known Joan for 15 years, as we are both members of the First Universalist Church Norway, where we have worked together on several committees.

Joan has been involved in a number of community service organizations, including the Norway Budget Committee, the Comprehensive Planning Committee, the Climate Action Advisory Committee, and as a leader of the Save the Belfry Committee for her church.

She has been a voice for children as an educator for over 30 years, working in classrooms, halfway houses, treatment programs and in her work as a court-appointed special advocate for children.

Advertisement

Her experience and vision are broad, and we would do well to elect her as our representative in Augusta.

Janice Cardoza, Norway

« Previous

Linsay Lee: Lewiston needs thriving public schools

Next »

Advertisement
Rudolph Ziehm: Critiques of recent conservative columns
Advertisement



Source link

Continue Reading

Maine

Inspiring the next gen of tech: Educate Maine holds Girls Who Code summer camp

Published

on

Inspiring the next gen of tech: Educate Maine holds Girls Who Code summer camp


BANGOR, Maine (WABI) – Girls from across the state are getting the chance to explore technology at Husson University free of charge through Educate Maine’s Project Login’s partnership with Girls Who Code.

“The piece that I really think that the girls like about Girls Who Code is they offer this sort of safe space to learn, to try, to fail, to troubleshoot,” says Project Login Program Director Angela Oechslie about the organization’s years-long partnership with the camp.

This year, the five-day camp was hosted at Husson University.

For Husson School of Technology and Innovation Outreach Specialist Ashleigh Page, the collaboration between the university and the summer camp made for a perfect match.

Advertisement

“We wanted to support it because we really believe in getting technology in the hands of as many people as possible,” Page explains. “And I think for girls especially, getting an opportunity to go to camp, get hands on, and kind of explore for the first time, maybe not the first time, but say, ‘Okay, this is something I can see myself doing, and this is something I’m capable of doing’, I think is really important.”

Lily Osborne, 13, is going into eighth grade in the fall. After getting introduced to robotics, she attended Girls Who Code for a deep dive exploration into tech: “My school doesn’t have a lot of quality classes like this, not a lot of good opportunities, so I wanted to take this opportunity to, since it was a grant, to come and do this.”

Due to the multiple business sponsorships, all girls who attended the camp did so at no-cost.

Another camper, Ellora Fairbrother, 14, also got her start in computer science with robotics.

Now getting ready to enter high school, Fairbrother opted for Girls Who Code to strengthen her skills in coding.

Advertisement

“We only have like five or six girls, and that was pretty surprising to me because I thought we had like two or three. So I’m glad that there’s like a lot of girls out there who wants to computer science and code,” Fairbrother comments on the camp’s turnout.

“We’ve made motion sensor lights, we’ve made motion sensor sounds, and right now we’re making this thing that, it’s like a parking garage,” explains Osborne on the skills learned.

On Thursday, the group was tasked with creating a small-scale parking garage gate. This includes multicolored lights, motion sensors, motors, and complex codes to let the gate know when the garage is at capacity.

The girls are able to take their computer coding and through wiring bring their ideas from screen to life.

On Wednesday, the group got to meet the women of Bangor Savings Bank’s IT department.

Advertisement

While Girls Who Code creates a comfortable space to girls to learn and connect, the program also shows the tech opportunities right here in Maine.

“It’s really important to not only see and hear from women in tech, but also see the job environment,” says Oechslie. “So that’s why we added a field trip day component to the Girls Who Code camps so that they can physically go and see people who do the job that they’re interested in.”

Both Osborne and Fairbrother say they are definitely considering entering tech when it’s time to choose a career path.

Project Login is offering many other STEM camps for kids this summer.

For more information, visit their website.

Advertisement



Source link

Continue Reading

Trending