Last week, the IRS announced special exceptions for Louisiana residents and businesses affected by the August 2016 floods. According to The Advocate, the IRS will allow those affected “extended deadlines, waived penalties, and quicker request processing” and that “federal disaster assistance is not considered taxable income by [the IRS] or Social Security.”
Tax Issues
2016 Property Tax Assessments: A Flood Law Blog Alert
By McGlinchey on
Taxpayers may need to be proactive between now and the end of the year if they intend to deduct their 2016 property taxes on their 2016 federal income tax returns. Taxpayers that own real property in a flood-impacted parish and deduct property taxes paid for federal income tax purposes should be aware that the timing…