Victims of Straight-Line Winds in WV Eligible for Tax Relief
West Virginia has been hit hard by straight-line winds that have caused widespread damage to homes, businesses, and infrastructure. In response, the state government has announced that victims of the storm are eligible for tax relief.
State of emergency declared
On June 10, 2021, West Virginia Governor Jim Justice declared a state of emergency in six counties following a severe storm that brought straight-line winds of up to 80 miles per hour. The counties included in the declaration are Barbour, Gilmer, Harrison, Lewis, Marion, and Upshur.
In the aftermath of the storm, utility crews worked around the clock to restore power to tens of thousands of customers, while homeowners and businesses began the process of cleaning up and repairing their properties.
Tax relief for victims
Recognizing the financial burden that the storm has placed on affected individuals and businesses, the West Virginia State Tax Department announced on June 14 that tax relief would be offered to storm victims.
Under the program, businesses and individuals in the affected counties may be eligible for relief from certain state taxes, including income tax, sales and use tax, and corporate net income tax.
To be eligible for relief, taxpayers must demonstrate that their ability to pay taxes has been affected by the storm. The tax department has urged affected taxpayers to contact their office for more information.
Assistance from FEMA
In addition to tax relief, those affected by the storm may also be eligible for assistance from the Federal Emergency Management Agency (FEMA). Governor Justice has asked President Biden to declare a federal disaster in the affected counties, which would make federal assistance available to those affected.
To be eligible for FEMA assistance, individuals and businesses must register with the agency. This can be done online at www.DisasterAssistance.gov or by calling 800-621-3362.
Rebuilding and recovery
While tax relief and FEMA assistance can help alleviate some of the financial burden caused by the storm, rebuilding and recovery will take time and effort. In the coming weeks and months, communities in the affected counties will work to repair homes, businesses, and infrastructure damaged by the storm.
Through it all, West Virginians have demonstrated their resilience and determination to overcome adversity. With support from the state and federal government, and with the help of neighbors and friends, those affected by the storm will rebuild and recover.
On September 20, 2012, the Internal Revenue Service declared that victims of severe storms in parts of West Virginia that occurred on or around June 29, 2012, may receive tax relief. President Obama has declared a federal disaster area in the counties of Fayette, Kanawha, Nicholas, and Raleigh. If you have a personal residence or business residence in any of these counties, you can receive tax relief.
The declaration from the President lets the IRS postpone deadlines for individuals and businesses in the disaster area. The IRS reports that certain deadlines on June 29, 2012 or after are postponed until August 28, 2012. The IRS is also waiving all failure-to-deposit penalties for employment and excise deposits that were due between June 19 and July 16, 2012. If you receive a failure-to-deposit penalty after July 16, you still need to make the payment.
If you received penalty notice from the IRS and you believe you can waive the fee, you need to call the number located on the notice. You will speak with an IRS representative, and they will clear the interest and penalties. It’s important to note that the penalties or interest can only be cleared if the taxpayer had an original or extended payment or deposit due date. This includes extended filing or payment due dates.
The relief also applies to Form 5500 series returns. “Like-kind” exchanges of property may also apply, but you should refer to section 17 of Rev. Proc. 2007-56. The postponement does not apply to returns like W-2, 1098, 1099, or Forms 1042-S or 8027.
The IRS will automatically identify all taxpayers affected within the disaster area. However, taxpayers with a residence or business affected by the storms still need to call the IRS disaster hotline for tax relief. The number is 866-562-5227.
