Tax News

CCH (cch.taxgroup.com) reports:

  The IRS has extended return filing and payment deadlines for victims of Hurricane Gustav in the Louisiana parishes of Acadia, Allen, Ascension, Assumption, Avoyelles, Beauregard, Cameron, East Baton Rouge, East Feliciana, Evangeline, Iberia, Iberville, Jefferson, Jefferson Davis, Lafayette, Lafourche, Livingston, Orleans, Plaquemines, Pointe Coupee, Rapides, Sabine, St. Bernard, St. Charles, St. James, St. John the Baptist, St. Landry, St. Martin, St. Mary, Terrebonne, Vermilion, Vernon, West Baton Rouge and West Feliciana. Taxpayers residing or having businesses in these presidentially declared disaster areas have until January 5, 2009, to file returns, pay taxes and perform other time-sensitive acts otherwise due between September 1, 2008 and January 5, 2009. The extended deadline applies to most tax returns, including individual and corporate income tax returns, but does not apply to information returns in the Forms W-2, 1098 and 1099 series, or to Forms 1042-S or 8027.

  The IRS will also waive penalties for the failure to deposit employment and excise taxes due on or after September 1, 2008, and on or before September 16, 2008, as long as the deposits are made by September 16, 2008. Taxpayers whose books, records or tax professionals' offices are in the covered disaster area are also entitled to relief. In addition, all relief workers affiliated with a recognized government or philanthropic organization assisting in the relief activities in the covered disaster area are eligible for relief. Affected taxpayers claiming a disaster loss due to Gustav on their returns for the 2007 tax year should write "Louisiana/Hurricane Gustav" at the top of their returns to receive expedited service.

IR-2008-100,
2008FED ¶46,560

IR-2008-100,
FINH ¶30,598

Other References:

 
Code Sec. 6081

  CCH Reference - 2008FED ¶36,789.213

  CCH Reference - FINH ¶20,345.65

  CCH Reference - FINH ¶20,355.45

 
Code Sec. 6161

  CCH Reference - FINH ¶20,585.35

 
Code Sec. 7508A

  CCH Reference - 2008FED ¶42,687C.22

  CCH Reference - FINH ¶22,560.30

  Tax Research Consultant

  CCH Reference - TRC FILEIND: 15,204.25

  CCH Reference - TRC FILEBUS: 15,110