CCH Reports There will be Tax Relief for Hurricane Floyd Victims | AccountingWEB

CCH Reports There will be Tax Relief for Hurricane Floyd Victims


(RIVERWOODS, ILL.) -- CCH Tax Day reported today that the IRS will extend filing deadlines for taxpayers who may not be able to meet their federal tax obligations because of Hurricane Floyd.

Affected taxpayers whose estimated payments are due on Sept. 15 must pay by Sept. 30, 1999, to avoid penalties. Taxpayers with corporate, partnership or fiduciary returns originally due on Sept. 15 must file by Sept. 30, 1999. In addition, the IRS will abate penalties on employment and excise tax deposits during or for the period of Sept. 14 to Sept. 22, if the deposits are made by Oct. 8, 1999. However, interest charges will still apply to payments made after the original due date.

Also, CCH reported that the IRS will suspend enforcement activities such as audits, levies and seizures for taxpayers within the presidentially-declared disaster areas of the storm until Oct. 15, 1999. IRS representatives will be at FEMA Recovery Centers to help taxpayers with returns or to expedite requests for tax account transcripts needed for disaster-related loans.

Taxpayers in the disaster areas may also claim uninsured casualty losses on either their amended 1998 returns or their 1999 forms next year. Taxpayers affected by the storm should write "Hurricane Floyd" at the top of any return relying on this relief.

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