In a continuing effort to assist victims of last year's hurricanes, the Internal Revenue Service has issued a new publication summarizing the tax incentives to rebuild the Gulf Coast, which are valued at almost $9 billion.
"The Department of Housing and Urban Development worked closely with the IRS on creating this publication," said Commissioner of the IRS Small Business/ Self-Employed Division, Kevin M. Brown, in a statement.
"Publication 1460: Highlights of Tax Relief Provided to Taxpayers in Response to Hurricanes Katrina, Rita and Wilma," provides up-to-date information on tax relief, including:
- The extended deadlines available to those affected by the hurricanes;
- The rules on claiming a casualty loss and directions on how to get information on the new safe harbor method;
- Summaries of the different credits available to businesses -- such as the work opportunity credit, the employee retention credit and the new market tax credit; and,
- Explanations of special depreciation rules and deductions for business clean-up costs .
HUD will also work with the IRS in the coming months to spread word of the benefits through printed materials and tax seminars.The 4-page publication, and more information can be accessed at www.irs.gov/pub/irs-pdf/p1460.pdf.
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