The Internal Revenue Service (IRS) is postponing taxpayer filing and payment deadlines to August 28, 2006, for affected taxpayers hit hardest by Hurricane Katrina. In addition, taxpayers affected by Hurricanes Katrina, Rita or Wilma have until October 16, 2006, to claim disaster-related losses on their prior year federal income tax return.
|Easy & Profitable Client Payroll with PayCycle
Now is a great time to get clients set up for payroll. We’d like to invite you to a FREE 60-minute web seminar sponsored by PayCycle, the leader in on-demand payroll. During this informative session, you’ll discover how to:
Come see for yourself how easy and profitable payroll can be - CLICK HERE TO REGISTER Hurry! Spaces are limited and the sessions fill up quickly.
All PayCycle webinar attendees will receive 1 month free on PayCycle’s service. After the free period, PayCycle costs just $14.99 per client per month for the first 5 employees. Each additional employee is just $0.25 per month. This low monthly fee includes everything you need to process payroll, including a firm-branded website for clients, direct deposit, electronic tax payments and filings, seamless integration with QuickBooks, ATX, CCH and other leading accounting software, free customer support with payroll experts, customized marketing resources to solicit your payroll service to clients, and much more.
Individual and business taxpayers in the most severely damaged parishes and counties of Louisiana and Mississippi automatically have until August 28, 2006, to file returns and make certain tax payments that had a due date, or extended due date, on or after August 29, 2005, and on or before August 28, 2006. The failure to deposit penalty will also be waived for taxpayers in the areas who are unable to make their deposits during this time period. Individual, corporation, partnership, estate, trust, S-corporation, generation-skipping, employment and certain excise tax returns qualify for the extension. Taxpayers should identify themselves by writing “Hurricane Katrina” in red ink at the top of their return when filing or by calling the IRS Disaster Hotline at 866-562-5227.
In addition, taxpayers suffering disaster-related losses in certain areas of Florida, Alabama, Mississippi, Louisiana, and Texas can choose to claim those losses on their current or prior year return through October 16, 2006. To speed the processing of these claims, taxpayers should write the name of the hurricane, in red, at the top of their return. Those who have already filed their prior year return can make this choice by filing an amended return. An explanation of the liberalized disaster loss rules and special instructions for claiming these losses can be found in Publication 4492: Information for Taxpayers Affected by Hurricanes Katrina, Rita and Wilma.