April 2023 Disaster Relief Update
Throughout the month of April, the IRS has issued tax relief that can extend/postpone the 45-day and 180-day deadlines applicable to ongoing Section 1031 exchanges for the below-referenced disaster areas. Each Notice provides universal tax relief that extends the deadline to file various individual and business tax returns and to make tax payments for affected […]
1031 Exchange update – Tax relief for Mississippi due to severe storms, straight-line winds and tornadoes
March 28, 2023 From March 24, 2023, to March 25, 2023, severe storms, straight-line winds and tornadoes severely impacted areas of Mississippi. Due to the disruption caused by the storm, the IRS issued tax relief pursuant to IRS Notice MS-2023-02, dated March 27, 2023 (the “IRS Notice”), to those who reside or have businesses located […]
1031 EXCHANGE UPDATE – TAX RELIEF FOR CALIFORNIA DUE TO SEVERE WINTER STORMS, FLOODING AND MUDSLIDES
March 22, 2023 IRS Updated 10/16/23: This news release has been updated to change the filing and payment deadlines from Oct. 16, 2023 to Nov. 16, 2023. The Nov. 16 deadline also applies to the quarterly payroll and excise tax returns normally due on Oct. 31, 2023. Beginning March 9, 2023, a severe winter storm […]
1031 EXCHANGE UPDATE – TAX RELIEF FOR CALIFORNIA DUE TO SEVERE WINTER STORMS, FLOODING AND MUDSLIDES
February 6, 2023 Beginning December 27, 2022, severe winter storms made landfall, resulting in flooding, landslides and mudslides that severely impacted areas of California. Please note that pursuant to IRS Notice CA-2023-01, a subsequent storm impacted areas of California beginning January 8, 2023. To learn more about relief under CA-2023-01, check out our article here. […]
1031 EXCHANGE UPDATE – TAX RELIEF FOR AFFECTED AREAS OF ALABAMA & GEORGIA DUE TO SEVERE STORMS, HIGH WINDS, AND TORNADOES
January 30, 2023 Beginning January 12, 2023, a severe storm made landfall and resulted in straight-line winds and tornadoes that severely impacted areas of Alabama and Georgia. Due to the disruption caused by the storm, the IRS issued tax relief pursuant to IRS Notice AL-2023-01, dated January 18, 2023 (updated to include additional counties), and […]
1031 EXCHANGE UPDATE – TAX RELIEF FOR ILLINOIS DUE TO SEVERE STORMS AND FLOODING
January 17, 2023 Occurring between July 25 and 28, 2022, a severe storm accompanied by flooding severely impacted areas of Illinois. Due to the disruption caused by the storm, the IRS issued tax relief pursuant to IRS Notice IL-2022-08, dated November 16, 2022 (the “IRS Notice”), to those who reside or have businesses located in St. […]
1031 EXCHANGE UPDATE – TAX RELIEF FOR NEW YORK DUE TO SEVERE WINTER STORMS
January 3, 2023 On November 18, 2022, a severe winter storm made landfall and severely impacted areas of Upstate New York, subsequently, a second severe winter storm made landfall on December 23, 2022. Due to the disruption caused, the IRS issued tax relief for each storm: For the storm on November 18, 2022, tax relief […]
1031 EXCHANGE UPDATE – TAX RELIEF FOR FLORIDA, NORTH CAROLINA, AND SOUTH CAROLINA DUE TO HURRICANE IAN
October 5, 2022 On September 29th, 2022, Hurricane Ian made landfall and severely impacted the state of Florida and subsequently, Tropical Storm Ian severely impacted the Carolinas. Because of the damage, flooding, and disruption caused by this historic storm, the IRS has issued tax relief to those who reside, or who have businesses located throughout […]
1031 EXCHANGE UPDATE – TAX RELIEF FOR AREAS OF MISSISSIPPI AFFECTED BY THE WATER CRISIS
September 28, 2022 On August 30, 2022, areas of Mississippi were affected by a water crisis. Due to the disruption caused by the water crisis, the IRS issued tax relief to those who reside, or who have businesses located in specified FEMA disaster areas. Currently, the IRS has published Relief Notice MS-2022-01, dated September 2, […]
1031 EXCHANGE UPDATE – TAX RELIEF FOR PUERTO RICO DUE TO HURRICANE FIONA
October 19, 2022 On September 17, 2022, Hurricane Fiona made landfall and severely impacted areas of Puerto Rico. Due to the damage, flooding, and disruption caused by the storm, the IRS issued tax relief to those who reside or have businesses in any of the 78 municipalities of Puerto Rico. IRS Notice PR-2022-10, dated September […]