Update Tax Relief for Hurricane Isaac

Update Tax Relief for Hurricane Isaac

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Update Tax Relief for Hurricane Isaac

The Internal Revenue Service has announced tax relief for victims of Hurricane Isaac on September 5, 2012, and the IRS has updated the areas for tax relief on September 17, 2012.  More areas may obtain tax relief in the coming days as well.

President Obama has declared the following parishes a federal disaster area: Ascension, Assumption, East Baton Rouge, East Feliciana, Iberville, Jefferson, Lafourche, Livingston, Orleans, Plaquemines, St. Bernard, St. Charles, St. Helena, St. James, St. John the Baptist, St. Mary, St Tammany, Tangipahoa, Terrebonne, Washington, and West Feliciana.

Those with a residence or a business residence in any of the parishes listed can qualify for tax relief.

The IRS has postponed deadlines “on or after August 26, and on or before January 11, 2013” to January 11, 2013.  The deadlines include the quarterly estimated tax payments due on September 17, 2012.

The IRS is also waiving any failure-to-deposit penalties involving employment and excise tax deposits between August 26, 2012 and September 10, 2012.

According to the IRS, an affected taxpayer should call the telephone number listed on the notice if they receive a penalty notice.  The penalties and/or interests can only be abated “for taxpayers who have an original or extended filing, payment or deposit due date, including an extended filing or payment due date, that falls within the postponement period.”

Affected taxpayers can register for postponement even if they fall outside of the federal disaster area.  This includes homeowners and business owners.  Call the IRS disaster hotline at 866-562-5227 in order to request tax relief.

Taxpayers can claim casualty losses on the federal income tax return for this year or last year.  If you claim the loss for last year, you’ll receive a refund sooner.  If you wait to claim the loss on this year’s return, you may be able to save more on your taxes.

Source: Internal Revenue Service

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