The Internal Revenue Service is providing tax relief to flood-ravaged victims of Hurricane Gustav in the affected areas of Louisiana by postponing some tax-filing deadlines.
The IRS is postponing until Jan. 5, 2009, the deadlines for taxpayers who reside or have a business in the disaster area. The postponement applies to return filing, tax payment and other time-sensitive acts otherwise due between Sept. 1, 2008, and Jan. 5, 2009. This includes individual estimated tax payments due Sept. 15, 2008; corporate extended 1120 tax returns due Sept. 15, 2008; and individual extended 1040 tax returns due Oct. 15, 2008.
"As residents of Louisiana return to their homes following Hurricane Gustav, taxes are one thing they won't need to worry about," said IRS Commissioner Doug Shulman (pictured) in a statement.
The IRS will also waive the failure-to-deposit penalties for employment and excise deposits due on or after Sept. 1, 2008 and on or before Sept. 16, 2008, as long as the deposits are made by Sept. 16, 2008.
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.
