10/11/2005
IRS Issues Filing Extensions for Individuals and Corporations Affected by Hurricanes
by IRS
The IRS has announced that taxpayers affected by Hurricane Katrina and Hurricane Rita now have until Feb. 28, 2006 to file tax returns and pay any taxes due. Taxpayers affected by the hurricane may be eligible for tax relief, regardless of where they live.
For taxpayers located in the areas hardest-hit –– those counties or parishes designated by the Federal Emergency Management Agency (FEMA) as “individual assistance areas” –– the tax relief will be automatic, and taxpayers won’t need to do anything to get the extensions and other relief available.
In areas where FEMA has determined damage is more isolated –– designated as “public assistance areas” –– or for other taxpayers outside the hardest-hit areas whose books, records or tax professionals are located in the affected areas, people will need to identify themselves to the IRS as hurricane victims.
The IRS will abate interest and late filing, late payment or failure to deposit penalties that would otherwise apply. This relief includes the Sept. 15 and Jan. 15 due dates for estimated taxes for individuals and the Sept. 15 and Dec. 15 due dates for estimated taxes for corporations; the Sept. 15 due date for calendar-year corporate returns with automatic extensions; the Oct. 17 deadline for individuals who received a second extension for filing their individual income tax returns; the Oct. 31 and Jan. 31 deadlines for filing quarterly federal employment and excise tax returns; and employment and excise deposits due on or before Feb. 28, 2006. In addition, any disaster-area taxpayer who receives a penalty notice from the IRS should call the number on the notice to receive penalty abatement.
Taxpayers who need to alert the IRS or have other hurricane-related questions can call the special IRS disaster hotline at 1-866-562-5227.
Visit the IRS website at: http://www.irs.gov/ for more detailed information including the specific links below:
Maps showing areas of individual and public assistance areas:
o Louisiana-Katrina (PDF, 407KB)
o Louisiana-Rita (PDF, 359KB)
o Mississippi-Katrina (PDF, 380KB)
o Alabama-Katrina (PDF, 260KB)
o Florida-Katrina (PDF, 347KB)
o Texas-Rita (PDF, 360KB)
Other:
• Notice 2005-73 (PDF 25KB, 12 pages)
• Revenue Procedure 2005-27 (PDF 670KB, 72 pages)
• Tax Relief: Presidentially Declared Disaster Areas
• Hurricane Katrina: Information on Charitable Giving, Tax-Relief Issues
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