Reminder: October 16 Filing Deadline Approaching for Katrina Victims | AccountingWEB

Reminder: October 16 Filing Deadline Approaching for Katrina Victims

The Internal Revenue Service (IRS) reminds taxpayers from the areas of Louisiana, Mississippi and Alabama, most severely damaged by Hurricane Katrina, that the deadline for filing tax year 2004 and 2005 individual tax returns is October 16, 2006.

No additional postponements or extensions are available for tax year 2004. An additional six-month filing extension to April 15, 2007, is available to affected taxpayers whose 2005 filing date was postponed from April 15, 2006, to October 16, 2006. Taxpayers must file IRS Form 4868 by October 16, 2006, in order to receive the additional six-month extension.

The postponement also applies to tax returns of businesses who are affected taxpayers, as well. For example, for corporations operating on a calendar year, the 2005 Form 1120 due date was postponed from March 15, 2006, to October 16, 2006. If additional time is needed, the business taxpayer must file Form 7004 by October 16, 2006, for a six-month extension. This also applies to corporations operating on fiscal years whose 2005 filing date was postponed to October 16, 2006.

The October 16 deadline applies to affected taxpayers from 31 Louisiana parishes, 49 Mississippi counties and 11 Alabama counties. Affected taxpayers include taxpayers whose principal residence, principal place of business, tax records or tax professional’s office was located in one of the designated counties or parishes.

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