SCHUMER URGES IRS TO IMMEDIATELY EXTEND SMALL BUSINESS TAX DEADLINE FOR HUDSON VALLEY BUSINESSES THAT WERE SLAMMED BY RILEY & QUINN; SENATOR SAYS HV IS STILL RECOVERING FROM WINTER STORMS AS 3RD NOR'EASTER APPROACHES
Schumer Sent Letter Urging The IRS To Extend Important Extension Deadline For Hudson Valley Small Biz Owners Reeling With The Aftermath Of Winter Storms Riley & Quinn
Schumer To IRS: Do Not Penalize Victims Of These Major Storms
U.S. Senate Minority Leader Charles E. Schumer is urging the Internal Revenue Service (IRS) to extend 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 15, 2018.
“As hundreds of thousands of Hudson Valley residents still reel from Winter Storms Riley and Quinn, the last thing the small business owners should have to worry about is their tax deadline,” said Senator Schumer. “After being hit by two winter storms and with a third nor’easter hitting tonight, Hudson Valley residents deserve the peace of mind of knowing that no matter the disaster the federal government will help them with their recovery. That is why I am urging Acting IRS Commissioner David Kautter to immediately issue a tax extension for all small businesses that were impacted by the recent snowstorms.”
“Many Westchester small businesses went without power for days. Some had storm damage to their businesses. It is only fair, and the right thing to do, to have the IRS extend the small business tax deadline. Small businesses are the backbone of this County, and I want to make sure we are doing all we can to support them,” said Westchester County Executive George Latimer.
"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.
According to media reports, many businesses (and homes) throughout the Hudson Valley have reported being without power last week and could be penalized for not filing for this extension. 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/forms-pubs/form-7004-application-for-automatic-extension-of-time-to-file-certain-business-income-tax-information-and-other-returns.
Schumer explained that Hudson Valley residents who were in the storm’s path are required to submit their business income tax returns by March 15th. But many small businesses and CPA advisors in the region are unable to submit tax returns or requests for an extension to the IRS by the March 15th, deadline. Schumer said it is imperative for the IRS to issue an extension since Hudson Valley businesses are forced to fix damage to their property and recover from days without power. These businesses should not be at risk of delayed refunds and penalties.
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 workers 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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“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.
