In an effort to spare homeowners in affected areas any undue stress during tax filing season, the Internal Revenue Service has indicated that people in areas that experienced flooding-related disasters in March will have more time to complete their returns - within the federally designated areas.
In March, several parts of the country, particularly the Northeast, were hit hard by torrential rains that resulted in heavy flooding in places like Rhode Island and southeastern Massachusetts. West Virginia and New Jersey also experienced recent federal disaster declarations in response to the flooding.
According to the IRS, people with a home or business located within the federally-designated disaster areas for flooding will not have to file returns until May 11. The IRS added that any qualified taxpayer who receives a penalty should call the telephone number on the form to have it removed.
Wherever they may live, taxpayers who have been victims of a natural disaster can often find some help under the National Disaster Relief Act of 2008.
That legislation allows people in federally designated disaster areas to claim related casualty losses even if they do not itemize their deductions. Taxpayers who are affected by a natural disaster can also consult with their tax preparer for additional information.
Every effort has been taken to provide the most accurate and honest analysis of the tax information provided in this blog. Please use your discretion before making any decisions based on the information provided. This blog is not intended to be a substitute for seeking professional tax advice based on your individual needs.