BLOG
Extensions for Disaster Areas announced in Alabama
The IRS has issued extensions of exchange transactions under the guidelines set forth around federally declared disasters in Alabama. Accruit suggests that affected taxpayers consult with their tax and legal professionals as well as confirm on IRS website for any updates.
Accruit has previously provided a summary of the rules pertaining to extensions of exchange transactions due to federally declared disasters.
The IRS has recently issued extensions for Section 1031 filing deadlines related to real estate located within certain counties in Alabama.
In Alabama, the IRS issued extensions for Clarke, Dallas, Marengo, Mobile, Perry, Washington, and Wilcox counties for hurricane Zeta that began on October 28, 2020.
Accruit suggests that affected taxpayers consult with their tax and legal professionals as well as confirm on IRS website for any updates.
