Area April 14, 2010 THE VILLADOM TIMES IV • Page 17 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 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. 2007-56. The relief described in section 17 of Rev. Proc. 2007-56, pertaining to like-kind 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. Affected taxpayers in a federally declared disaster area have the option of claiming disaster-related casualty losses Storm, flooding victims may qualify for tax relief on their federal income tax return for either this year or last year. Claiming the loss on an original or amended return for last year will get the taxpayer an earlier refund, but waiting to claim the loss on this year’s return could result in a greater tax saving, depending on other income factors. Individuals may deduct personal property losses that are not covered by insurance or other reimbursements. For details, see Form 4684 and its instructions. Affected taxpayers claiming the disaster loss on last year’s return should put the Disaster Designation “New Jersey/Severe Storms and Flooding” at the top of the form so that the IRS can expedite the processing of the refund. The IRS will waive the usual fees and expedite requests for copies of previously filed tax returns for affected tax- payers. Taxpayers should put the assigned Disaster Designation in red ink at the top of Form 4506, Request for Copy of Tax Return, or Form 4506-T, Request for Transcript of Tax Return, as appropriate, and submit it to the IRS. Affected taxpayers who are contacted by the IRS on a collection or examination matter should explain how the disaster impacts them so that the IRS can provide appropriate consideration to their case. Taxpayers may download forms and publications from the official IRS Web site, irs.gov, or order them by calling 1-800-TAX-FORM (1-800-829-3676). The IRS toll-free number for general tax questions is 1-800-829-1040. For more information see related link on IRS.gov: Disaster Assistance and Emergency Relief for Individuals and Businesses. ����������������� COLDWELL BANKER LISA & DAVE BARTHOLD ������������� 3 rd ANNUAL WYCKOFF CYCLE Pasta Dinner Sat., April 24th 4-7 PM Waldwick Ambulance Corps $7. Before 4/15 $10. After 4/15 Pre-race pick up bib, shirt & goody bags at Waldwick Ambulance Corps Sat 4/24 – 4-7PM Presenting Sponsor 5 K RUN AND 1 MILE WALK Date: Location: Registration: April 25, 2010 Waldwick High School Track & Field 7:30 a.m. – 8:45 a.m. at the Waldwick High School Track Wyckoff Avenue & Hopper Avenue 5K Race: 9:00 a.m. 1 Mile Fun Walk: 9:30 a.m. 5K certified course and sanctioned by the USATF $20.00 pre-race fee received by April 15th $25.00 registration after April 15th or on day of race. Race day T-shirt to all pre-registrants and post-registrants (while supplies last) $15.00 received by April 15th $20.00 after April 15th and on day of race Race Time: Course: ��������������� Dr.. James Bancroft, Orthodontist Post race refreshments Proceeds to benefit the community of Waldwick We are collecting canned food for Emmanuel Cancer Foundation. Rain or shine. No refunds will be given. Suburban Sidewalks Course Description: Fast, rolling hills, scenic park, track finish 5K Entry Fees: Carpet & Wood 1 Mile Fun Walk: No pets, roller blades, bikes, or skateboards during the 5K Run Strollers will be permitted during the 1 Mile Fun Walk Official Entry Form, additional information and directions on www.waldwickchamberofcommerce.com or call Kim Post at 201-693-6734 or pick up form at The Village School For Children The Village Grille Borough of Waldwick Municipal Building Waldwick Public Library Race results will be available on www.Bestrace.com ��������������� NELLIE’S PLACE 4-7-10 ester/janine WCC5K_Run4x9COLOR(4-7-10)