The American Retirement Association is requesting the Internal Revenue Service offer tax relief to the victims of Hurricane Harvey, much like the agency did for Hurricane Sandy victims in 2012.

In an Aug. 29 letter to the IRS, ARA CEO Brian Graff and General Counsel Craig Hoffman note Hurricane Harvey has caused extensive damage to the Texas and Louisiana Gulf coasts.

"As with past storms of this magnitude, it has resulted in significant hardships for taxpayers, plan sponsors and their service providers who reside in the affected area," they said.

Specifically, ARA is requesting IRS waive penalties for people who want to use their retirement savings in qualified retirement plans to alleviate hardships caused by the storm. The association also is recommending the agency push back tax filing and payment deadlines.

Similar measures were enacted following Hurricane Sandy, which was one of the most destructive storms in U.S. history.

The IRS announced the day before the letter it would push back filing and payment deadlines until Jan. 31, 2018, for Texas residents in the affected areas. http://bit.ly/2wmGWSi

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