According to the IRS, many of the victims of the severe storms, flooding, mudslides and landslides that began on March 12 in New Jersey will qualify for tax relief.
According to the IRS press release, “The President has declared Atlantic, Bergen, Cape May, Essex, Gloucester, Mercer, Middlesex, Monmouth, Morris, Passaic, Somerset, and Union counties federal disaster areas qualifying for individual assistance.”
For taxpayers who have a residence or a business in one of the counties listed above, the IRS has extended the deadline for filing your 2009 individual income tax returns, making tax payments and making contributions to an IRA (for tax year 2009) from April 15th to May 11, 2010.
If an affected taxpayer receives a penalty notice from the IRS, the taxpayer should call the telephone number on the notice to have the IRS abate any interest and any late filing or late payment penalties that would otherwise apply. Penalties or interest will be abated only for taxpayers who have an original or extended filing, payment or deposit due date, including an extended filing or payment due date, that falls within the Postponement Period.IRS computer systems automatically identify taxpayers located in the covered disaster area and apply automatic filing and payment relief. Affected taxpayers who reside or have a business located outside the covered disaster area must call the IRS disaster hotline at 1-866-562-5227 to request tax relief.
For a look at the original press release, click here.
To schedule your appointment with KNS Financial for tax preparation, please send an email to taxes@knsfinancial.com or use our contact form located here: http://knsfinancial.com/contact-us/
For more information on taxes click here.
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