The IRS has provided additional relief for taxpayers affected by Hurricanes Florence and Michael, and the Securities and Exchange Commission has provided regulatory relief to financial entities and others affected by Hurricane Michael.
The IRS is providing additional relief for taxpayers in any area the Federal Emergency Management Administration (FEMA) has designated as a major disaster area in the wake of Hurricane Florence and Hurricane Michael. Among the steps the IRS has taken is to further extend the Oct. 15 extension deadline.
The IRS relief for taxpayers in North Carolina, South Carolina and Virginia follows similar relief issued on Oct. 12 for taxpayers affected by Hurricane Michael in 16 Florida counties.
For taxpayers affected by Hurricane Florence in the following counties in those three states, the IRS extended deadlines that apply to filing returns, paying taxes and performing certain other time-sensitive acts. The extension applies to deadlines — either an original or extended due date — that occurred on or after Sept. 7, 2018 and before Jan. 31, 2019.
- North Carolina counties: Allegany, Anson, Ashe, Beaufort, Bladen, Brunswick, Cabarrus, Carteret, Chatham, Columbus, Craven, Cumberland, Dare, Duplin, Granville, Greene, Harnett, Hoke, Hyde, Johnston, Jones, Lee, Lenoir, Montgomery, Moore, New Hanover, Onslow, Orange, Pamlico, Pender, Person, Pitt, Randolph, Richmond, Robeson, Sampson, Scotland, Stanly, Union, Wayne, Wilson and Yancey.
- South Carolina counties: Berkeley, Charleston, Chesterfield, Darlington, Dillon, Dorchester, Florence, Georgetown, Horry, Marion, Marlboro, Orangeburg, Sumter and Williamsburg.
- Virginia counties: Henry, King and Queen, Lancaster, Nelson, Patrick, Pittsylvania, and Russell counties and the independent cities of Newport News, Richmond and Williamsburg.
For taxpayers in the following Florida and Georgia counties affected by Hurricane Michael, the IRS has extended deadlines that apply to filing returns, paying taxes and performing certain other time-sensitive acts:
- Florida counties: 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.
- Georgia counties: 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.
SEC Regulatory Relief and Assistance
The Securities and Exchange Commission announced Oct. 16 that it is providing regulatory relief to publicly traded companies, investment companies, accountants, transfer agents, municipal advisors, and others affected by Hurricane Michael.
To address compliance issues caused by Hurricane Michael, the Commission issued an order that conditionally exempts affected persons from certain requirements of the federal securities laws for periods following the weather event.
Under the order and interim final temporary rules, SEC staff will take no-action positions with respect to:
- Forms S-3 and S-8
- Companies that receive an extension on filing Exchange Act annual reports or quarterly reports
- Registered open-end investment companies and registered unit investment trusts
- Form ADV filing
- Required written disclosure statements
In addition, SEC staff will address the need for additional or different assistance, as well as disclosure-related issues, on a case-by-case basis.
