Residents and businesses located in certain Florida counties have been granted tax relief by the Internal Revenue Service. Counties affected by Tropical Storm Debby that qualify for relief include Baker, Bradford, Clay, Columbia, Franklin, Hernando, Highlands, Pasco, Pinellas, Suwannee, and Wakulla counties.
The tax relief provisions allow certain filing deadlines to be postponed for individual taxpayers who reside, and businesses whose principal place of business is located, in the covered disaster area. Relief also extends to emergency workers affiliated with a recognized government or philanthropic organization assisting in the relief activities in the covered disaster area and any individual visiting the covered disaster area that was killed or injured as a result of the disaster.
The IRS has postponed certain deadlines falling on or after June 23 and on or before August 22 until August 22, 2012. The following types of returns qualify for relief:
- Individual, corporate, and trust income tax returns
- Partnership and s-corporation returns
- Estate, gift, and generation-skipping transfer tax returns
- Employment and certain excise tax returns
Affected taxpayers in a federally declared disaster area have the option of claiming disaster-related casualty losses on their federal return for either this year or last year. It may be more advantageous to select one year over the other, depending on income levels.
If you would like to discuss the impact of these tax relief provisions on your organization, please contact the expert listed below at PYA, (800) 270-9629.
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WE ARE REQUIRED BY IRS CIRCULAR 230 TO INFORM YOU THAT THE FOLLOWING DISCUSSION WAS NOT INTENDED OR WRITTEN TO BE USED, AND IT CANNOT BE USED, NOR RELIED UPON, BY ANY TAXPAYER FOR THE PURPOSE OF AVOIDING ANY PENALTIES THAT MAY BE IMPOSED UNDER FEDERAL TAX LAW. THE ADVICE WAS WRITTEN TO SUPPORT THE PROMOTION OR MARKETING OF THE TRANSACTIONS OR MATTERS ADDRESSED IN THE DISCUSSION. EACH TAXPAYER SHOULD SEEK ADVICE BASED ON ITS PARTICULAR CIRCUMSTANCES FROM AN INDEPENDENT TAX ADVISOR.
