IRS Gives Tax Relief to Victims of Hurricane Irma: The IRS announced today that victims of Hurricane Irma have until January 31, 2018 to file certain individual and business tax returns and make certain tax payments. This includes an additional filing extension for taxpayers with valid extensions that run out on October 16 and businesses with extensions that run out on September 15. The IRS also announced it is making it easier for victims of the hurricane to get loans or hardship distributions from their 401(k) plans. Lastly, the IRS, the Department of Labor’s Employee Benefits Security Administration, and the Pension Benefit Guaranty Corporation are providing relief in connection with certain employee benefit plans by extending the deadline for plan contributions and certain required notices and elections. Today’s relief parallels that granted last month to victims of Hurricane Harvey.
Real Estate Mortgage Investment Conduits Get Penalty Relief: Notice 2017-47, which initially provided penalty relief to certain partnerships that filed untimely returns or requests for extensions of time to file those returns, has been updated to now apply to both partnerships and real estate mortgage investment conduits (REMICs), which are treated as partnerships for purposes of subtitle F of the tax code.
Miscellaneous Guidance: Notice 2017-51 publishes Treasury’s estimate of the annual average wellhead price per 1,000 cubic feet for all domestic natural gas. This estimate is the “reference price” for purposes of the credit in section 45I.