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Deadlines for Taxpayers Affected by Hurricane Katrina Extended Until Feb. 28

The Following is excerpted from IRS new release IR-2005-112 from Sept. 28, 2005.

(Accommodator's Note: for the purposes of 1031 exchanges, "time sensitive acts" refer to actions such as replacement property identification and closure of replacement property acquisition. Put differently, it changes the deadlines for finding a new property and for buying a new property.)

WASHINGTON - Taxpayers affected by Hurricane Katrina now have until Feb. 28, 2006 to file tax returns and pay any taxes due following legislation approved by Congress and signed by the President, the Internal Revenue Service announced today.

The Katrina Emergency Tax Relief Act of 2005 (H.R. 3768), signed on Sept. 23, postpones deadlines for affected taxpayers to file tax returns, pay taxes and perform other time-sensitive acts until Feb. 28, 2006. Taxpayers affected by the hurricane may be eligible for tax relief, regardless of where they live.

For taxpayers located in the areas hardest-hit by Katrina -- 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.

Taxpayers who need to identify themselves as hurricane victims should write "Hurricane Katrina" in red ink at the top of their tax forms or any other documents filed with the IRS. Taxpayers who need to alert the IRS or have other hurricane-related questions can also call the special IRS disaster hotline at 1-866-562-5227.

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.

The postponement of deadlines, interest suspension and waiver of penalties apply to any tax return, tax payment or tax deposit with an original or extended due date falling on or after Aug. 29, 2005. In Florida, where Katrina hit first, the date is on or after Aug. 24, 2005.

For information about designated areas as well as more recent updates please visit www.irs.gov






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