Villadom Times Weekly Local Newspaper

April 14, 2010 THE VILLADOM TIMES II • Page 11 Storm, ﬂooding victims in 12 counties may qualify for tax relief Victims of severe storms, ﬂooding, mudslides, and landslides that began March 12 in New Jersey may qualify for tax relief from the Internal Revenue Service. President Obama has declared Atlantic, Bergen, Cape May, Essex, Gloucester, Mercer, Middlesex, Monmouth, Morris, Passaic, Somerset, and Union counties federal disaster areas qualifying for individual assistance. As a result, the IRS is postponing until May 11 certain deadlines for taxpayers who reside or have a business in the disaster area. This includes the April 15 deadline for ﬁling 2009 individual income tax returns, making income tax payments, and making 2009 contributions to an IRA (individual retirement account). In addition, the IRS will waive the failure to deposit penalties for employment and excise deposits due on or after March 12 and on or before March 29, as long as the deposits were made by March 29. If an affected taxpayer receives a penalty notice from the IRS, the taxpayer should call the telephone number on the notice to have the IRS abate any interest and any late ﬁling or late payment penalties that would otherwise apply. Penalties or interest will be abated only 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. IRS computer systems automatically identify taxpayers located in the covered disaster area and apply automatic ﬁling and payment relief. Affected taxpayers Storm, ﬂooding victims may qualify for tax relief who reside or have a business located outside the covered disaster area must call the IRS disaster hotline at 1-866-562-5227 to request tax relief. The counties listed above constitute a covered disaster area for purposes of Treas. Reg. § 301.7508A-1(d)(2) and are entitled to the relief detailed below. Taxpayers considered to be affected taxpayers eligible for the postponement of time to ﬁle returns, pay taxes, and perform other time-sensitive acts are those taxpayers listed in Treas. Reg. § 301.7508A-1(d)(1), and include individuals who live, and businesses whose principal place of business is located, in the covered disaster area. Taxpayers not in the covered disaster area, but whose records necessary to meet a deadline listed in Treas. Reg. § 301.7508A-1(c) are in the covered disaster area, are also entitled to relief. In addition, all relief workers afﬁliated with a recognized government or philanthropic organization assisting in the relief activities in the covered disaster area and any individual visiting the covered disaster area who was killed or injured as a result of the disaster are entitled to relief. Under section 7508A, the IRS gives affected taxpayers until May 11, 2010, to ﬁle most tax returns (including individual, corporate, and estate and trust income tax returns; partnership returns, S corporation returns, and trust returns; estate, gift, and generation-skipping transfer tax returns; and employment and certain excise tax returns), or to make tax payments, including estimated tax payments, that have either an original or extended due date occurring on or after March 12, 2010, and on or before May 11, 2010. The IRS also gives affected taxpayers until May 11 to perform other time-sensitive actions described 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 after March 12 and on or before May 11. This relief also includes the ﬁling of Form 5500 series returns, in the manner described in section 8 of Rev. Proc. 200756. The relief described in section 17 of Rev. Proc. 2007-56, pertaining to likekind exchanges of property, also applies to certain taxpayers who are not otherwise affected taxpayers and may include acts required to be performed before or after the period above. The postponement of time to ﬁle and pay does not apply to information returns in the W-2, 1098, 1099 series, or to Forms 1042-S or 8027. Penalties for failure to timely ﬁle information returns can be waived under existing procedures for reasonable cause. Likewise, the postponement does not apply to employment and excise tax deposits. The IRS, however, will abate penalties for failure to make timely employment and excise deposits due on or after March 12, 2010, and on or before March 29, 2010, provided the taxpayer made these deposits by March 29. 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