IRS offers tax relief to 10 Tennessee counties, some get SBA help

WASHINGTON, D.C. (WVLT) -- The IRS has expanded the number of Tennessee counties eligible for tax relief to ten, adding Bledsoe, Cocke, Johnson, McMinn, Monroe, and Rhea counties. Earlier this week, the agency announced relief for Bradley, Greene, Hamilton, and Washington counties.

The relief program means the IRS has pushed back tax deadlines for victims of the storms that began on April 25. Certain deadlines between April 25 and June 30 have been postponed until June 30.

Also failure-to-deposit penalties for employment and excise tax deposits due between April 25 and May 10 will be waived so long as they are paid by May 10.

Also, the Small Business Administration announced disaster loans up to $200,000 are available to homeowners to repair or replace disaster damaged or destroyed real estate. Homeowners and renters are eligible up to $40,000 to repair or replace disaster damaged or destroyed personal property.

Businesses and private non-profit organizations of any size may borrow up to $2 million to repair or replace disaster damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.

The SBA help is available in Bledsoe, Carter, Cocke, Hamblen, Hawkins, Marion, McMinn, Meigs, Polk, Rhea, Sequatchie, Sullivan and Unicoi counties.

On May 1, FEMA designated all ten counties as disaster areas, with Bradley, Greene, Hamilton, and Washington counties eligible for public assistance. The rest were eligible for individual assistance.

The IRS automatically identifies taxpayers located in the covered disaster area and applies automatic filing and payment relief. But affected taxpayers who reside or have a business located outside the covered disaster area must call the IRS disaster hotline at 1-866-562-5227 to request this tax relief.

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