Recovery Assistance for FICPA Members

 
FICPA is continually monitoring government channels and will update this site with relevant information as it becomes available.
 
If we can be of any assistance to members recovering from the effects of Hurricane Michael, please contact us. Our Member Service team can be reached at 800-342-3197 or by emailing msc@ficpa.org.

FICPA Hurricane Michael Extension Update

IRS Grants Tax Relief for Victims of Hurricane Michael

 

Victims of Hurricane Michael that took place beginning on Oct. 7, 2018 in Florida may qualify for tax relief from the Internal Revenue Service.

 

The IRS extended deadlines that apply to filing returns, paying taxes, and performing certain other time-sensitive acts for certain taxpayers affected by Hurricane Michael.

 

Florida Counties Affected:  Bay, Calhoun, Franklin, Gadsden, Gulf, Hamilton, Holmes, Jackson, Jefferson, Leon, Liberty, Madison, Suwannee, Taylor, Wakulla and Washington.

 

The extension applies to deadlines – either an original or extended due date – that occurred on or after Oct. 7, 2018 and before Feb. 28, 2019.

 

Read More >>>

 

Georgia Counties Affected: Baker, Bleckley, Burke, Calhoun, Colquitt, Crisp, Decatur, Dodge, Dooly, Dougherty, Early, Emanuel, Grady, Houston, Jefferson, Jenkins, Johnson, Laurens, Lee, Macon, Miller, Mitchell, Pulaski, Seminole, Sumter, Terrell, Thomas, Treutlen, Turner, Wilcox, and Worth.

 

The extension applies to deadlines – either an original or extended due date – that occurred on or after Oct. 9, 2018 and before Feb. 28, 2019.

 

Read More >>>

Important Resources

Internal Revenue Service

A current listing of tax reliefs given by the IRS due to natural disasters.

Special tax law provisions may help taxpayers and businesses recover financially.

A natural disaster can strike any time. Take time now and create or update your emergency preparedness plan.

Special tax law provisions may help taxpayers and businesses recover financially.

List of affected areas and how Presidentially Declared Disaster Areas affect taxes.

A taxpayer does not have to be located in a federally declared disaster area to be an “affected taxpayer”.

This resource guide provides information to individuals and businesses affected by a federally declared disaster and the assistance available to disaster victims.

Florida Department of Revenue

A listing of the emergency contact information for every county.

Disaster information from the Florida Department of Revenue.

Florida Department of Revenue

 

Florida Corporate Income Tax Filers – The Department will follow the tax relief granted by Internal Revenue Service (IRS) for affected taxpayers regarding postponement of Florida corporate income/franchise tax return due dates. For more information, review the Department’s press release and IRS information.

Temporary Fuel Tax License – Florida law allows exporters, petroleum carriers, and importers to request a temporary license during a disaster or declared state of emergency. Applicants are not required to submit a fee, secure bonding, or undergo a background check if they apply for and receive a temporary license. Click here for more information on Florida’s temporary licensing program.

Hurricane Michael Updates and Information

 

The Department has created an online portal for its Hurricane Michael recovery resources. Click the button below to learn more about the programs available to individuals and businesses.

Get Updates from the Department
American Institute of Certified Public Accountants

Helpful tips for small businesses owners affected by natural disasters.

Information on determining the amount of losses, and how to deduct them.

A resource center that provides AICPA members with the necessary resources and guidelines for the benevolent fund application process.

Other Resources

Read the Declaration and related information from Governor Scott’s Office.

Hurricane-related instructions and resources.

If you have a flood insurance policy, reference these numbers to get in touch with your provider.

The bridge loan program, managed by the Florida Department of Economic Opportunity (DEO), will provide short-term, interest-free loans to small businesses that experienced physical or economic damage during Hurricane Michael.

FICPA has written a letter to the Honorable Neal Dunn and the Honorable Matt Gaetz requesting they direct the IRS to further extend the October 15, 2018 filing deadline.

Technical Q&A

Send disaster-related technical tax questions to msc@ficpa.org.
We will provide answers to technical questions on an ongoing basis.

 Frequently Asked Questions

What is the FICPA doing to assist CPAs impacted by Hurricane Michael?

The FICPA is in communication with the Department of Revenue and the IRS regarding upcoming deadlines. We will continue to update this page as more information becomes available.

What if my client does not live in an area designated by FEMA for assistance?

A taxpayer does not have to be located in a federally declared disaster area to be an “affected taxpayer.” Taxpayers are “affected” if records necessary to meet a filing or payment deadline postponed during the relief period are located in a covered disaster area
 
Practitioners located in the covered disaster area who maintain records necessary to meet a filing or payment deadline for taxpayers located outside the disaster area may elect to contact the IRS to identify such clients.
 
See Requests from Practitioners for Disaster Relief on methods of client identification.

What is affected taxpayer and what records are necessary to meet a deadline for filing and paying?

Definition of an Affected Taxpayer
Source: IRS.gov
 
A taxpayer does not have to be located in a federally declared disaster area to be an “affected taxpayer.” Taxpayers are “affected” if records necessary to meet a filing or payment deadline postponed during the relief period are located in a covered disaster area.
 
An affected taxpayer can be:

  • An individual
  • Any business entity or sole proprietor
  • Any shareholder in an S Corporation

 
(10/11) Q: I own an interest in a partnership, or I am a shareholder in an S Corporation that is located in a federally declared disaster area. However, I do not live in the disaster area myself. I rely on information (Schedule K-1) from the partnership or S Corp to file my tax return. Do I qualify as an affected taxpayer for purposes of receiving filing and payment relief?
 
Yes. If the affected partnership or S Corp cannot provide you the records necessary to file your return then you’re also an affected taxpayer. Your filing and payment deadlines are postponed until the end of the postponement period just like the affected partnership or S Corp.
 
To get the postponement for filing or payment, you must:

  • Call the Disaster Assistance Hotline at 1-866-562-5227
  • Explain that your necessary records are located in a covered disaster area
  • Provide the FEMA Disaster Number of the county where the affected partnership or S Corp is located
  • See Treas. Reg. § 301.7508A-1 and Rev. Proc. 2007-56 for a list of taxpayer acts that may be postponed in response to a federally declared disaster

Assignment of Benefits Fraud

Protect consumers from unscrupulous contractors.

 
It’s important to address the assignment of benefits for insurance coverage of repairs. Residents are encouraged to discuss this topic with their CPA who can provide another layer of oversight. This brochure from the Consumer Protection Coalition can inform and educate your clients and friends.
 

What is Assignment of Benefits?

 
Assignment of Benefits, or AOB for short, is a provision in a vendor’s repair contract. Originally called a “direction to pay,” a cottage industry of billboard trial lawyers and shady repair firms have found a way to exploit AOBs. They lure unsuspecting consumers to sign sweeping AOB authorizations that essentially result in the consumer handing over all of the rights and benefits of the insurance policies they bought and paid for. By asking you to sign an AOB, a third party may be attempting to take over your insurance policy!

READ MORE FROM THE AOB RESOURCE HERE

FICPA Legislative Advocacy

 
Thanks to FICPA’s legislative efforts, the IRS has expanded relief to all Florida counties. We’d like to thank Senator Nelson, Senator Rubio, and Governor Scott for their prompt attention and care.

Read the FICPA's Extension Request Letter

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