Georgia storm and flooding victims get IRS disaster relief
The IRS has extended return-filing and payment deadlines for victims of the severe storms and flooding that hit Carroll, Chattooga, Cherokee, Cobb, Douglas, Paulding and Stephens counties on September 18, 2009, and resulted in the counties being declared federal disaster areas. Persons who qualify for assistance have until December 17, 2009, to file returns, pay taxes (including estimated tax payments), and perform certain other time-sensitive acts otherwise due between September 18, 2009, and December 17, 2009.
Affected taxpayers include those who reside or have a principal place of business in the presidentially declared disaster area, as well as persons outside the area whose records are located in the designated disaster area, all relief workers affiliated with recognized government or philanthropic organizations that assisted in the relief efforts, and any individual visiting the designated disaster area who was killed or injured as a result of the disaster. Taxpayers who reside or have a business located outside of the designated disaster area who nonetheless believe that they are similarly entitled to disaster relief must call the IRS disaster hotline (1-866-562-5227) to request tax relief.
While this relief also applies to the filing of Form 5500, the postponement of the time to file and pay does not apply to information returns in the Form W-2, 1098, 1099 series, or to Forms 1042-S or 8027, or to employment or excise tax deposits. However, penalties for failure to timely file information returns can be waived, for reasonable cause, under existing procedures. In addition, the IRS will abate penalties for failure to make timely employment and excise tax deposits due on or after September 18, 2009 and on or before October 5, 2009 if the taxpayer made these deposits by October 5, 2009.
The IRS reminds taxpayers who suffer a casualty loss as a result of a federally declared disaster that they must reduce the loss from each casualty event by $500. Such taxpayers have the option, however, of claiming disaster-related casualty losses on their federal income tax return for either 2008 or 2009. Taxpayers claiming disaster-related casualty losses on their 2008 returns should mark the top of their tax returns "Georgia/Severe Storms and Flooding" to expedite refunds. (Georgia Disaster Relief Notice, ATL-2009-36.)
Reprinted with permission. © CCH
<p>Georgia storm and flooding victims get IRS disaster relief The IRS has extended return filing and payment deadlines for victims of the severe storms and flooding that hit Carroll, Chattooga, Cherokee, Cobb, Douglas, Paulding and Stephens counties on September 18,</p>