IRS Providing Tax Relief to Colorado Flood Victims

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By Jason Bramwell

The IRS said on September 16 it is providing tax relief to individual and business taxpayers in four Colorado counties impacted by the recent severe storms that have caused flooding, landslides, and mudslides in that state.

Taxpayers living and working in the counties of Adams, Boulder, Larimer, and Weld will receive tax relief, and other locations may be added in the coming days following additional damage assessments by the Federal Emergency Management Agency.

As of Tuesday morning, eight people have died and more than 600 people are unaccounted for, 18,000 buildings have been damaged or destroyed, and more than 11,000 people have been forced to evacuate from their homes, according to an NBC News report, due to the torrential rains and flooding that began in Colorado on September 11.

The tax relief postpones certain tax filing and payment deadlines to December 2, 2013. It includes corporations and businesses that previously obtained an extension until September 16 to file their 2012 returns and individuals and businesses that received a similar extension until October 15. It also includes the estimated tax payment for the third quarter of 2013, which would normally be due on September 16.

The IRS automatically identifies taxpayers located in the covered disaster area and applies automatic filing and payment relief. But affected taxpayers who reside or have a business located outside the covered disaster area must call the IRS disaster hotline at (866) 562-5227 to request this tax relief.

Practitioners located in the covered disaster areas who maintain records necessary to meet a filing or payment deadline for multiple taxpayers outside the disaster area may contact the IRS to identify such clients using the procedures described on the IRS website.

Full details, including information on how to claim a disaster loss by amending a prior-year tax return, can also be found on the IRS website. The IRS encourages taxpayers and tax practitioners to monitor the Tax Relief in Disaster Situations page for updates.

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