Hurricane Gustav Victims Have Extra Time to File, Pay

Taxpayers impacted by Hurricane Gustav have extra time to take care of any tax matters. The Internal Revenue Service has extended deadlines for filing returns and submitting payments. The new deadline is January 5, 2009, for the following tax matters:

• Personal tax returns for 2007 that would have been due October 15th, 2008;
• Estimated tax payments that would have been due September 15th, 2008;
• Corporate tax returns for 2007 that would have been due September 15th, 2008;
• Partnership, trust, and payroll returns that would have been due between September 1, 2008, and before January 5, 2009.

Taxpayers suffering damage can claim a deduction for casualty losses on either their 2007 or their 2008 tax returns. Claiming the loss on a 2007 return could result in a quicker refund, thereby creating some cash flow to help with recovery efforts.

More information:

• IRS Gives Taxpayers in Area Threatened by Ike Until Sept. 22 To File Corporate and Individual Estimated Taxes
• Casualties, Disasters, and Thefts (Publication 547)
• Disaster Recover Assistance Loans from the SBA (About US Business Law / Taxes)
• Using Photography to Recover from Disasters (About Photography)
• Disaster Recovery Tips for Businesses (About Small Business Information)
• Applying for FEMA Assistance (About US Government Info)
• Dealing With Banks and Loans after a Hurricane (About Banking)
• Filing Insurance Claims after a Disaster (About Personal Insurance)
• Documenting Disaster Losses (About US Business Law / Taxes)
• Disaster/Casualty Loss Tax Practice Guide (39-page Word document from the American Institute of CPAs)