Accruit would like to wish a speedy recovery as our hearts and minds go out to all those affected by the recent storms, flooding and landslides here in Colorado. We hope for the best on behalf of all our clients and neighbors enduring the lasting effects of the devastation.
In response to the flooding to hit Colorado in recent weeks, the IRS has announced that tax relief will be provided for business and individual taxpayers in several areas affected by the severe flooding.
The covered disaster area includes Adams, Boulder, Larimer and Weld counties, where taxpayers will be eligible for tax relief. More counties may be added to this list as the damage assessments of the Federal Emergency Management Agency (FEMA) continue over the next several days.
The offered tax relief will postpone certain tax filing and payment deadlines until December 2, 2013. The relief plan includes companies and business that previously obtained an extension until September 16, 2013, to file their 2012 returns and individuals and businesses that received a similar extension until October 15. It also includes the estimated tax payment for the third quarter of 2013, which would normally be due September 16th.
The IRS applies automatic filing and payment relief to those taxpayers located in the covered disaster areas. (“Exchangor" or "Exchanger") Individual or entity desiring an exchange. Taxpayer s who reside or have a business located outside the covered disaster area must call the disaster hotline at 866-562-5227 to request this tax relief.
Practitioners located in the covered disaster area who maintain records necessary to meet a filing or payment deadline for multiple taxpayers outside the disaster area may contact the IRS to identify such clients using the procedures described on the IRS website.
Get all the information, including instructions on how to claim a disaster loss by amending a prior-year tax return, at IRS.gov. The IRS encourages taxpayers and tax practitioners to monitor the Tax Relief in Disaster Situations listings at IRS.gov for updates.