Business News

IRS offers tax help to La. businesses

by The Associated Press

The government has extended until Jan. 17 the deadline for companies and individual taxpayers in declared disaster areas to file returns and make certain tax payments. The date applies to those who obtained an extension of the April 18 filing deadline for individual returns. That covers many company owners who report their business income on their personal 1040 returns.

The new deadline also applies to owners who make quarterly estimated tax payments. The next quarterly deadline had been Sept. 15.

Owners can learn more at the IRS website, Search for “Louisiana flood relief.”

The IRS is also relaxing some of the requirements of many 401(k) and similar retirement plans to allow employees to take loans or make withdrawals against their accounts that might otherwise be prohibited. Employers that make the distributions won’t be considered as not complying with the federal rules governing these accounts.

The relief doesn’t apply to all retirement accounts; employers should consult their plan administrators for more information.

More information is available on the IRS website.