MONROE, La (Press Release) – This is the best contempo information, adapted on March 17, 2016, about tax abatement for victims of astringent storms and calamity in Louisiana.
Victims of the astringent storms and calamity that took abode alpha on March 8, 2016 in genitalia of Louisiana may authorize for tax abatement from the Internal Revenue Service.
The President has declared that a aloft adversity exists in the State of Louisiana. Following the contempo adversity acknowledgment for alone abetment issued by the Federal Emergency Management Agency, the IRS appear today that afflicted taxpayers in Louisiana will accept tax relief.
Individuals who abide or accept a business in Bossier, Claiborne, Grant, Morehouse, Ouachita, Richland, and Webster Parishes may authorize for tax relief.
The acknowledgment permits the IRS to adjourn assertive deadlines for taxpayers who abide or accept a business in the adversity area. For instance, assertive deadlines falling on or afterwards March 8, and on or afore July 15, 2016 accept been adjourned to July 15, 2016. This includes 2015 assets tax allotment commonly due on April 18. It additionally includes the April 18 and June 15 deadlines for authoritative annual estimated tax payments. A array of business tax deadlines are additionally afflicted including the May 2 deadlines for annual amount and customs tax returns.
In addition, the IRS is waiving the failure-to-deposit penalties for application and customs tax deposits due on or afterwards March 8, as continued as the deposits were fabricated by March 23, 2016.
If an afflicted aborigine receives a backward filing or backward acquittal amends apprehension from the IRS that has an aboriginal or continued filing, acquittal or drop due date that avalanche aural the cessation period, the aborigine should alarm the blast cardinal on the apprehension to accept the IRS allay the penalty.
The IRS automatically identifies taxpayers amid in the covered adversity breadth and applies automated filing and acquittal relief. But afflicted taxpayers who abide or accept a business amid alfresco the covered adversity breadth charge alarm the IRS adversity hotline at 866-562-5227 to appeal this tax relief.
Covered Adversity AreaThe counties listed aloft aggregate a covered adversity breadth for purposes of Treas. Reg. § 301.7508A-1(d)(2) and are advantaged to the abatement abundant below.
Affected TaxpayersTaxpayers advised to be afflicted taxpayers acceptable for the cessation of time to book returns, pay taxes and accomplish added time-sensitive acts are those taxpayers listed in Treas. Reg. § 301.7508A-1(d)(1), and accommodate individuals who live, and businesses whose arch abode of business is located, in the covered adversity area. Taxpayers not in the covered adversity area, but whose annal all-important to accommodated a borderline listed in Treas. Reg. § 301.7508A-1(c) are in the covered adversity area, are additionally advantaged to relief. In addition, all abatement workers affiliated with a accustomed government or altruistic alignment acceptable in the abatement activities in the covered adversity breadth and any alone visiting the covered adversity breadth who was dead or afflicted as a aftereffect of the adversity are advantaged to relief.
Grant of ReliefUnder breadth 7508A, the IRS gives afflicted taxpayers until July 15, 2016 to book best tax allotment (including individual, corporate, and acreage and assurance assets tax returns; affiliation returns, S association returns, and assurance returns; estate, gift, and generation-skipping alteration tax returns; and application and assertive customs tax returns), or to accomplish tax payments, including estimated tax payments, that accept either an aboriginal or continued due date occurring on or afterwards March 8,2016 and on or afore July 15, 2016.
The IRS additionally gives afflicted taxpayers until July 15, 2016 to accomplish added time-sensitive accomplishments declared in Treas. Reg. § 301.7508A-1(c)(1) and Rev. Proc. 2007-56, 2007-34 I.R.B. 388 (Aug. 20, 2007), that are due to be performed on or afterwards March 8, 2016, and afore July15, 2016.
This abatement additionally includes the filing of Anatomy 5500 alternation returns, in the address declared in breadth 8 of Rev. Proc. 2007-56. The abatement declared in breadth 17 of Rev. Proc. 2007-56, pertaining to like-kind exchanges of property, additionally applies to assertive taxpayers who are not contrarily afflicted taxpayers and may accommodate acts adapted to be performed afore or afterwards the aeon above.
The cessation of time to book and pay does not administer to advice allotment in the W-2, 1098, 1099 series, or to Forms 1042-S or 8027. Penalties for abortion to adapted book advice allotment can be waived beneath absolute procedures for reasonable cause. Likewise, the cessation does not administer to application and customs tax deposits. The IRS, however, will allay penalties for abortion to accomplish adapted application and customs tax deposits due on or afterwards March 8 and on or afore March 23, provided the aborigine fabricated these deposits by March 23, 2016.
Casualty LossesAffected taxpayers in a federally declared adversity breadth accept the advantage of claiming disaster-related blow losses on their federal assets tax acknowledgment for either the year in which the accident occurred, or the above-mentioned year. See Publication 547 for details.
Individuals may abstract claimed acreage losses that are not covered by allowance or added reimbursements. For details, see Anatomy 4684 and its instructions.
Affected taxpayers claiming the adversity accident on a 2015 acknowledgment should put the Adversity Designation “Louisiana, Astringent Storms, and Flooding” at the top of the anatomy so that the IRS can accelerate the processing of the refund.Other Relief
The IRS will abandon the accepted fees and accelerate requests for copies of ahead filed tax allotment for afflicted taxpayers. Taxpayers should put the assigned Adversity Designation “Arkansas, Astringent Storms, Tornadoes, Straight-line Winds, and Flooding” in red ink at the top of Anatomy 4506, Appeal for Copy of Tax Return, or Anatomy 4506-T, Appeal for Transcript of Tax Return, as appropriate, and abide it to the IRS.
Affected taxpayers who are contacted by the IRS on a accumulating or assay amount should explain how the adversity impacts them so that the IRS can accommodate adapted application to their case.Taxpayers may download forms and publications from the official IRS website, irs.gov, or adjustment them by calling 800-829-3676. The IRS toll-free cardinal for accepted tax questions is 800-829-1040.
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