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The Internal Revenue Service has announced special tax relief for Oklahoma taxpayers in the Presidential Disaster Area that was struck by severe wildfires beginning December 1, 2005.
The disaster area consists of 26 counties: Bryan, Canadian, Carter, Choctaw, Cotton, Creek, Garvin, Hughes, Lincoln, Logan, Mayes, McIntosh, Murray, Muskogee, Okfuskee, Oklahoma, Okmulgee, Osage, Payne, Pittsburg, Pontotoc, Pottawatomie, Seminole, Stephens, Tulsa and Wagoner.
Affected taxpayers will need to identify themselves to the IRS as victims by writing "Wildfires-OK" in red ink at the top of their tax forms or any other documents filed with the IRS.
Deadlines for affected taxpayers to file returns, pay taxes and perform other time-sensitive acts falling on or after December 1, 2005, and on or before March 10, 2006, have been postponed to March 10, 2006.
The postponement of time to file and pay does not apply to information returns in the W-2, 1098, 1099 or 5498 series, or to Forms 1042-S or 8027. Penalties for failure to timely file information returns can be waived under existing procedures for reasonable cause.
Likewise, the postponement does not apply to employment and excise tax deposits. The IRS, however, will abate penalties for failure to make timely employment and excise deposits, due on or after December 1, 2005, and on or before December 16, 2005, provided the taxpayer made these deposits by December 16, 2005.
Eligible taxpayers include individuals who live, and businesses whose principal place of business is located, in the covered disaster area. Taxpayers not in the covered disaster area, but 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.
...back to 2 February 2006
Further information:
IRS Grants Tax Relief for Oklahoma Wildfire Victims
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For Payroll and Human Resource Professionals
