New IRS Notices 2006
New: The IRS announced in IR 2006-35 that businesses in the Gulf Coast may receive additional postponement of filing and payment requirements.
(Date Posted: August 25, 2006)
The IRS has issued a new publication summarizing the tax incentives to rebuild the Gulf Coast in Publication 1460, Highlights of Tax Relief Provided to Taxpayers in Response to Hurricanes Katrina, Rita, and Wilma. (Date Posted: August 25, 2006)
Final Audit Report - Taxpayers Residing in the Humcanes Katrina and Rita Disaster Areas Were Accurately Identified for Tax Relief -- This report presents the results of our review to determine whether the Internal Revenue Service (IRS) correctly identified both individual and business taxpayers affected by Humcanes Katrina and Rita and accurately placed disaster indicators on these taxpayers' accounts. We also determined whether the IRS properly prevented notices from being sent to these taxpayers to collect a balance due.
IRS released Notice 2006-58, effective February 28, 2006 through, August 28, 2007, providing temporary relief for certain REITs and taxable REIT subsidiaries that provide accommodations to those affected by Hurricanes Katrina and Rita.
T he IRS has again expanded Hurricane Katrina relief for individual taxpayers claiming casualty losses in Notice 2006-56.
In Notice 2006-59, the IRS provides guidance on the federal tax consequences of certain leave-sharing plans that permit employees to deposit leave in an employer-sponsored leave bank for use by other employees who have been adversely affected by a major disaster.
The IRS released Rev. Proc. 2006-32, which provides safe harbor methods that individual taxpayers may use in determining the amount of their casualty and theft loss deductions for their personal-use residential real property and personal belongings that were damaged, destroyed, or stolen as a result of Hurricanes Katrina, Rita, and Wilma.
GENERAL INFORMATION
The IRS has issued Publication 4492, Information for Taxpayers Affected by Hurricanes Katrina, Rita, and Wilma, that addresses all tax relief issues for hurricane victims.
The IRS has a dedicated toll free number to call, 1-866-562-5227 to help with multiple issues that arise for disaster victims including retrieving prior tax year records. For more information, please see FS 2006-6.
IRS provides tax season help for those affected by the 2005 hurricanes.
The IRS extends the areas eligible for tax relief as a result of Hurricane Katrina to include additional parishes in Louisiana, and more counties in Mississippi, Alabama and Florida.
IRS answers questions about tax return filing, property loss claims and tax relief for those affected by Katrina.
The Internal Revenue Service has set up a special fax line for processing Form 2848, Power of Attorney and Declaration of Representative, for victims of Hurricane Katrina or Hurricane Rita.
A message from the Louisiana Department of Revenue concerning Hurricane Katrina information.
Extension to File
New Extension to File: Individuals and businesses located in specific counties in the Gulf Coast impacted by Hurricane Katrina (not Rita or Wilma) are automatically eligible for extra time to file while taxpayers in other areas, and eligible relief workers who helped with clean-up and recovery, may receive the extension by self-identification. Click here for additional information
