IRS gives tax relief to Oso slide victims

IRS gives tax relief to Oso slide victims

Credit: Getty Images

Searchers continued looking for survivors in Oso, Wash., March 25, 2014, following a deadly mudslide.

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by KING 5 News

KING5.com

Posted on April 4, 2014 at 9:53 AM

The Internal Revenue Service announced Friday that victims of the Oso landslide and flooding will have until Oct. 15 to file their returns and pay any taxes due.

Following this week’s disaster declaration for individual assistance issued by the Federal Emergency Management Agency (FEMA), the IRS said that affected taxpayers in Snohomish County, including the Sauk-Suiattle, Stillaguamish and Tulalip tribes, will receive this and other tax relief.

Also included are the April 15, June 16 and Sept. 15 deadlines for making quarterly estimated tax payments. A variety of business tax deadlines are also affected including the April 30 and July 31 deadlines for quarterly payroll and excise tax returns.

The IRS will abate any interest, late-payment or late-filing penalty that would otherwise apply. The agency automatically provides this relief to any taxpayer with an IRS address of record located in the disaster area. Taxpayers don't need to contact the IRS to get this relief.

The IRS says all workers assisting the relief activities who are affiliated with a recognized government or philanthropic organization also qualify for relief. Taxpayers qualifying for relief who live outside the disaster area need to contact the IRS at 866-562-5227.

The IRS also says individuals and businesses who suffered uninsured or unreimbursed disaster-related losses can choose to claim them on either last year’s or this year’s return. Claiming these casualty loss deductions on either an original or amended 2013 return will get the taxpayer an earlier refund but waiting to claim them on a 2014 return could result in greater tax savings depending upon other income factors.

For more information visit www.irs.gov

For information on disaster recovery, visit disasterassistance.gov.

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