US gives flood victims a tax breather
Disaster stricken counties in the Midwest are given more time to complete their quarterly returns
The Internal Revenue Service has granted an extension to victims of the
Midwest floods so they will have more time to make their quarterly estimated tax
payments.
It has postponed tax-filing and payment deadlines for self-employed
individuals, retirees and businesses in disaster-area counties in Iowa, Indiana
and Wisconsin, writes
WebCPA.
Earlier this spring, the IRS provided similar relief to storm victims in
parts of Arkansas, Colorado, Georgia, Maine, Mississippi, Missouri and Oklahoma.
‘Our hearts go out to the flood victims in the stricken states,’ said IRS
commissioner Doug Shulman in a statement. ‘At a time like this, taxes should be
the last thing on the minds of these unfortunate victims.’
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.