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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