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Thursday, May 5, 2016

Business tax grace period almost over

Thursday, August 21, 2008

The Internal Revenue Service (IRS) granted some tax relief to the victims of the May 30 to June 7 storms that caused 40 counties in Indiana to be declared disasters.

Taxpayers who reside or have a business in the disaster area were given a postponement in return filing, tax payments and certain other time-sensitive acts, which were due between May 30 and Aug. 29.

The IRS also waived the failure to deposit penalties for employment and excise deposits which were due on or after May 30 as long as they were paid by June 16.

Affected taxpayers who received a penalty notice from the IRS should call the telephone number on the notice to have the IRS abate any interest or late filing or late payment fees.

Penalties or interest are only abated for taxpayers who have an original or extended filing, payment or deposit due date, including an extended filing or payment due date, from May 30 to Aug 29.

IRS computer systems should have automatically identified taxpayers located in the covered areas and should have applied automatic filing and payment relief.

Those counties declared as disaster areas are Adams, Bartholomew, Brown, Clay, Daviess, Dearborn, Decatur, Gibson, Grant, Greene, Hamilton, Hancock, Hendricks, Henry, Huntington, Jackson, Jefferson, Jennings, Johnson, Knox, Lawrence, Madison, Marion, Monroe, Morgan, Owen, Parke, Pike, Posey, Putnam, Randolph, Ripley, Rush, Shelby, Sullivan, Tippecanoe, Vermillion, Vigo, Washington and Wayne.

Affected taxpayers who reside or have a business located outside the covered disaster area must call the IRS disaster hotline at 1-866-562-5227 to request tax relief.

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