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.
Over the weekend, the IRS postponed tax-filing and payment deadlines in disaster-area counties in Iowa, Indiana and Wisconsin. Earlier this spring, the IRS provided similar relief to storm victims in parts of Arkansas, Colorado, Georgia, Maine, Mississippi, Missouri and Oklahoma (see IRS Extends Tax Deadline for Flood Victims).
"Our hearts go out to the flood victims in the stricken states," said IRS Commissioner Doug Shulman (pictured) in a statement. "At a time like this, taxes should be the last thing on the minds of these unfortunate victims."
Sen. Charles Grassley, R-Iowa, ranking member of the Senate Finance Committee, called for the IRS to extend the deadlines late last week.
Self-employed individuals, retirees, businesses and others in the affected areas who make quarterly estimated tax payments will have more time to file various returns and pay any taxes due. Due dates vary, depending upon location. Details are available on the Tax Relief in Disaster Situations page on IRS.gov. 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.
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