The IRS has extended return-filing and payment deadlines for victims of severe storms, tornadoes, straight-line winds and associated flooding on April 27, 2011, in parts of Georgia and resulting in Bartow, Catoosa, Coweta, Dade, Floyd, Greene, Lamar, Meriwether, Monroe, Morgan, Pickens, Polk, Rabun, Spalding, Troup and Walker counties being declared a federal disaster area. Persons who qualify for assistance were granted an extension to June 30, 2011, to file most tax returns, pay taxes, including estimated taxes and perform other time-sensitive acts otherwise due on or after April 27 and on or before June 30.
Affected taxpayers include those who reside or have a principal place of business in the presidentially declared disaster area, as well as persons outside the area whose records are located in the designated disaster area, all relief workers affiliated with recognized government or philanthropic organizations that assisted in the relief efforts, and any individual visiting the designated disaster area who was killed or injured as a result of the disaster.
While this relief also applies to the filing of Form 5500, the postponement of the time to file and pay does not apply to information returns in the Form W-2, 1098 or 1099 series, to Forms 1042-S or 8027, or to employment or excise tax deposits. However, penalties for failure to timely file information returns can be waived, for reasonable cause, under existing procedures. In addition, the IRS will abate penalties for failure to make timely employment and excise tax deposits due on or after April 27 and on or before May 12 provided the taxpayer made these deposits by May 12.
The IRS reminds taxpayers who suffer a casualty loss as a result of a federally declared disaster that they have the option of claiming disaster-related casualty losses on their federal income tax returns for either 2010 or 2011. Taxpayers claiming disaster-related casualty losses on their 2010 returns should mark the top of their tax returns “Georgia/Severe Storms, Tornadoes, Straight-line Winds and Associated Flooding” to expedite refunds.