Extension

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 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 […]

1031 EXCHANGE UPDATE – TAX RELIEF FOR AREAS OF ARIZONA AFFECTED BY HEAVY STORMS

September 28, 2022 On July 17 and July 18, 2022, areas of Arizona were hit with severe storms. Due to the damage, flooding, and disruption caused by the storms, the IRS issued tax relief to those who reside or have businesses located in specified FEMA disaster areas.  Currently, the IRS has published Relief Notice AZ-2022-08, […]

TAX RELIEF FOR AREAS OF KENTUCKY AND MISSOURI AFFECTED BY HEAVY STORMS

August 2, 2022 Updated August 24, 2022 In late July 2022, areas of Kentucky and Missouri were hit with severe summer storms.  Because of the damage, flooding,  and disruption caused by the storms, the IRS has issued tax relief to those who reside, or who have businesses located in specified FEMA disaster areas.  Currently, the […]

Update on 1031 Tax Relief for Hurricane Ida NY, NJ, PA, CT, LA, and MS

Updated January 2022 due to IRS revisions/extensions Hurricane Ida made landfall on August 29th, 2021, and the IRS issued tax relief to those who reside, or who have businesses located in specified FEMA disaster areas. The IRS published Relief Notices for certain geographic areas of New York, New Jersey, Pennsylvania, Connecticut and for the states […]

1031 EXCHANGE UPDATE: TAX RELIEF FOR TEXAS

1031 EXCHANGE UPDATE: TAX RELIEF FOR TEXAS The IRS Issues Disaster Relief For Taxpayers Affected By Severe Winter Storms In Texas By: James T. Walther, Esq., LL.M., General Counsel, Legal 1031 Exchange Services, LLC As you may be aware, the state of Texas was recently declared a FEMA disaster area due to the impact of […]

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