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The Internal Revenue Service has announced relief for taxpayers affected by Hurricane Wilma. The President issued a major disaster declaration covering impacted areas of Florida, effective October 23, 2005.
Taxpayers affected by the hurricane are eligible for relief. Deadlines for affected taxpayers to file returns, pay taxes and perform other time-sensitive acts have been postponed to February 28, 2006, the same date granted to taxpayers affected by Hurricanes Katrina and Rita.
Twenty Florida counties have been included in the Federal Emergency Management Agency (FEMA) disaster area: Brevard, Broward, Charlotte, Collier, DeSoto, Glades, Hardee, Hendry, Highlands, Indian River, Lee, Martin, Miami-Dade, Monroe, Okeechobee, Osceola, Palm Beach, Polk, St. Lucie and Sarasota.
Affected taxpayers will need to identify themselves to the IRS as hurricane victims by writing "Hurricane Wilma" in red ink at the top of their tax forms or any other documents filed with the IRS. Taxpayers who need to alert the IRS or have other Hurricane Wilma-related questions can also call the special IRS disaster hotline at 1-866-562-5227.
For affected taxpayers, the IRS has postponed deadlines for any tax return or tax payment with an original or extended due date falling on or after October 23, 2005. This postponement of deadlines includes the Oct. 31 deadline for filing quarterly federal employment and excise tax returns; the December 15 due date for corporate estimated tax payments; and the January 15 due date for individual estimated tax payments. In addition, the IRS will waive the failure to deposit penalty for employment and excise deposits due before November 4, 2005, as long as the deposits are made by that date.
If any affected taxpayer receives a penalty notice from the IRS the taxpayer should call the number on the notice to have the IRS abate any interest and any late filing, late payment or failure to deposit penalties that would otherwise apply during the period from October 23, 2005, to February 28, 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 before November 4, 2005, provided the taxpayer makes these deposits by that date.
...back to 27 October 2005
Further Information:
Tax Relief Granted for Hurricane Wilma Victims
Tax Relief in Disaster Situations
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For Payroll and Human Resource Professionals
