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Monday, October 29, 2007

IRS Grants Tax Relief for Southern California Wildfire Victims

The IRS announced today (IR-2007-178) that it is extending tax return filing and payment deadlines for victims of the Southern California wildfires:

Taxpayers in the Presidential Disaster Area –– consisting of Los Angeles, Orange, Riverside, San Bernardino, San Diego, Santa Barbara and Ventura counties –– will have until Jan. 31, 2008, to file returns, pay taxes and perform other time-sensitive acts. The extended deadline applies to items due on or after Oct. 21, 2007, when the fires began, and on or before Jan. 31, 2008. This includes the federal withholding tax return, Form 941, normally due Oct. 31, and the estimated tax payment for the fourth quarter, normally due Jan. 15. In addition, the IRS is waiving the failure to deposit penalty for employment and excise deposits due on or after Oct. 21, 2007, and on or before Nov. 5, 2007, as long as the deposits are made by Nov. 5, 2007. ...

Affected taxpayers in a presidentially declared disaster area also have the option of claiming disaster-related casualty losses on their federal income tax return for either this year or last year. For details on figuring a casualty loss deduction, see IRS Publication 547, “Casualties, Disasters and Thefts.” Affected taxpayers claiming the disaster loss on last year’s return should put the Disaster Designation “California Wildfires” at the top of the form so that the IRS can expedite the processing of the refund.

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The IRS has provided blanket relief (IR 2007-178) for taxpayers in the counties affected by the California wildfires for filings... [Read More]

Tracked on Oct 30, 2007 5:39:36 AM

Comments

This isn't tax relief, it is merely an extension to file and pay taxes

The title should read "IRS Grants Tax Extension..." instead of "IRS Grants Tax Relief..."

Posted by: Mr. R. | Oct 30, 2007 1:38:47 PM