Small Business Taxes & ManagementTM--Copyright 2008, A/N Group, Inc.
Victims of storms and flooding in 10 states will have more time to make quarterly estimated tax payments normally due today, according to the Internal Revenue Service.
"Our hearts go out to the flood victims in the stricken states," IRS Commissioner Doug Shulman said. "At a time like this, taxes should be the last thing on the minds of these unfortunate victims."
Over the weekend the IRS provided tax relief, including the postponement of various tax-filing and tax-payment deadlines, to disaster-area counties in Iowa, Indiana and Wisconsin. Earlier this spring, the agency extended similar relief to storm victims in parts of Arkansas, Colorado, Georgia, Maine, Mississippi, Missouri and Oklahoma. As a result, self-employed individuals, retirees and others in these areas who make quarterly estimated tax payments will have more time to make the payment normally due today. Businesses will also have extra time to file various returns and pay any taxes due. Due dates vary, depending upon location, and details are available on the Tax Relief in Disaster Situations page on this Web site.
In addition, affected taxpayers in these areas who suffered uninsured or unreimbursed property damage can choose to claim these losses on their 2007 tax returns.
The IRS is monitoring and regularly updating all available relief.
Here are direct links to the IRS Web pages for detailed information:
Arkansas
Colorado
Georgia
Indiana
Iowa
Maine
Mississippi
Missouri
Oklahoma
Wisconsin
Copyright 2008 by A/N Group, Inc. This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is distributed with the understanding that the publisher is not engaged in rendering legal, accounting, or other professional service. If legal advice or other expert assistance is required, the services of a competent professional should be sought. The information is not necessarily a complete summary of all materials on the subject. Copyright is not claimed on material from U.S. Government sources.--ISSN 1089-1536
--Last Update 06/16/08