SCHUMER SUCCESSFULLY PUSHED IRS TO EXTEND SMALL BIZ TAX DEADLINE FOR VICTIMS OF WINTER STORMS RILEY & QUINN WHICH RAVAGED THE HV AND LEFT HUNDREDS OF SMALL BUSINESSES WITHOUT POWER
Schumer Sent Letter Urging the IRS To Extend Important Extension Deadline For Hudson Valley Residents Reeling From The Aftermath of Winter Storms Riley and Quinn
Schumer To IRS: Do Not Penalize Victims Of These Major Storms, Help Hudson Valley Residents Rebuild
U.S. Senate Minority Leader Charles E. Schumer today announced that after 12 hours of poking and prodding, the Internal Revenue Service (IRS) has extended its deadline for businesses affected by winter storms Riley and Quinn. Taxpayers who were unable to file their business tax returns can request an automatic extension by filing Form 7004, a one-page form available by following the link below, on or before March 20, 2018. Prior to this IRS decision, businesses that were without power this week would have been penalized for filing for this extension after March, 15th. Form 7004 provides a six-month extension for returns filed by partnerships (Forms 1065 and 1065B) and S corporations (Forms 1120S).
Form 7004 link: https://www.irs.gov/pub/irs-pdf/f7004.pdf. Eligible taxpayers taking advantage of this relief should write “Winter Storm Quinn” or “Winter Storm Skylar, on their Form 7004 extension request. The fastest and easiest way to get an extension is to file this form electronically.
“The last thing Hudson Valley small business owners should have to worry about is their income tax deadline. I am relieved that the IRS heeded my calls to extend the deadline to those affected by winter storms Riley and Quinn,” said Senator Schumer. “Hudson Valley residents deserve the peace of mind of knowing that no matter the disaster the federal government will help them with their recovery. It’s the federal government’s responsibility to step up to the plate, as they’ve done time and time again, to help New York’s communities rebuild.”
“Over the past ten turbulent days, many small businesses, like ours, throughout Westchester County lost endless time and revenue due to widespread power outages plaguing the entire Hudson Valley. Our priority is and should remain working with our communities and customers to get our feet back on the ground and restoring all that was lost. We would like to thank Senator Schumer for fighting on our behalf. As owners of a family run business, it’s comforting to know that Senator Schumer stands with us in times of trouble and fights for us as our communities pick ourselves up and move forward,” said John DeCicco Jr., owner of Decicco’s & Sons Market.
Schumer explained that Hudson Valley residents who were in the storms’ path were originally required to submit their business income tax returns by March 15th. But many small businesses and CPA advisors in the region were unable to submit tax returns or requests for an extension to the IRS by the March 15th, deadline. Winter Storms Riley and Quinn cut power for thousands making this deadline impossible and putting them at risk for delayed refunds and penalties, thankfully the IRS heeded Schumer’s calls and extended the deadline for filing an extension giving business owners across the state the opportunity to complete the necessary forms at a later date.
Schumer's letter to Acting IRS Commissioner David Kautter appears below:
Dear Acting Commissioner Kautter:
I write to request that the Internal Revenue Service (IRS) grant a filing extension for businesses impacted by recent winter storms in New York’s Hudson Valley who are required to submit their business income tax returns by March 15th. A string of inclement weather these past two weeks has caused many New Yorkers to lose power and prevented many from traveling to work.
On the night of Friday, March 2, more than 323,000 New Yorkers had lost power. Just days later, on March 7, the region was pummeled by another strong winter storm, Quinn, which resulted in blizzard-like conditions and knocked out power for more than a hundred thousand additional customers. Tragically, these storms were responsible for multiple deaths. During these storms and in their current aftermath, normal daily activity has come to a standstill, with dozens of school districts closed for days, business and government offices shuttered, and local crews working around the clock to clear roadways. Additional storms are expected this week, which could cause potential power restoration delays and could prevent many from traveling to work. I have been contacted by my constituents who have brought to my attention that without power or the needed worker's many businesses and CPA advisors in the region will be unable to transmit their tax returns or file an extension request by March 15th. Businesses in the Hudson Valley are focused on fixing damage to their property and recovering from days without power – they should be given extra time to do their taxes.
I appreciate your prompt attention to this request.
Sincerely,
Charles E. Schumer
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