IRS Gives Certain Michigan Residents More Time to Complete Some IRA Transactions

Tuesday, October 07, 2014

By Joe Cicchinelli, IRA Technical Expert
Follow on Twitter: @JoeCiccEdSlott

Victims of severe storms and flooding that started on August 11, 2014 in parts of Michigan may qualify for tax relief from the Internal Revenue Service. On September 26, the IRS issued News Release MI-2014-21, which extended certain deadlines for individuals and businesses affected by those storms.

President Obama declared Macomb, Oakland and Wayne counties a federal disaster area. Individuals who live or have a business in those counties may qualify for tax relief. After recent disaster declarations by the Federal Emergency Management Agency (FEMA), in addition to the three counties listed in News Release MI-2014-21, other locations may be added in the future based on additional damage assessments by FEMA.

Under the law, the disaster declaration allows the IRS to postpone certain deadlines for taxpayers who live or have a business in the disaster area. Specifically, certain deadlines falling on or after August 11, 2014 and on or before Jan. 15, 2015, have been postponed through Jan. 15, 2015. This includes corporations and businesses that previously obtained an extension until September 15, 2014, to file their 2013 returns and individuals and businesses that received a similar extension until October 15. It also includes the estimated tax payment for the third quarter of 2014, which would normally be due September 15.

With respect to retirement plans, including IRAs, the deadlines that have been postponed include completing rollovers (if the 60-day deadline occurred during that time) and recharacterizations of 2013 IRA conversions that would normally be due by October 15, 2014. Other deadlines that are affected include the correction of excess contributions and making plan loan payments to an employer retirement plan.

 

Receive Ed Slott and Company Articles Straight to Your Inbox!
Enter your email address:

Delivered by FeedBurner

 

Post Views: 3
Posted in: , ,

Content Citation Guidelines

Below is the required verbiage that must be added to any re-branded piece from Ed Slott and Company, LLC or IRA Help, LLC. The verbiage must be used any time you take text from a piece and put it onto your own letterhead, within your newsletter, on your website, etc. Verbiage varies based on where you’re taking the content from.

Please be advised that prior to distributing re-branded content, you must send a proof to [email protected] for approval.

For white papers/other outflow pieces:

Copyright © [year of publication], [Ed Slott and Company, LLC or IRA Help, LLC – depending on what it says on the original piece] Reprinted with permission [Ed Slott and Company, LLC or IRA Help, LLC – depending on what it says on the original piece] takes no responsibility for the current accuracy of this information.

For charts:

Copyright © [year of publication], Ed Slott and Company, LLC Reprinted with permission Ed Slott and Company, LLC takes no responsibility for the current accuracy of this information.

For Slott Report articles:

Copyright © [year of article], Ed Slott and Company, LLC Reprinted from The Slott Report, [insert date of article], with permission. [Insert article URL] Ed Slott and Company, LLC takes no responsibility for the current accuracy of this article.

Please contact Matt Smith at [email protected] or (516) 536-8282 with any questions.