Tax Update

[TAX]

IRS Gives April 16 Storm Victims Additional 48 Hours to File Income Tax Returns

IR-2007-89, April 16, 2007

WASHINGTON — Victims of the major storm affecting several Northeastern states on Monday, April 16 will have two additional days to file their tax returns beyond the April 17 tax deadline, the Internal Revenue Service announced today.

Taxpayers directly impacted by the storm have until midnight April 19 to meet their tax filing obligations without incurring late filing and payment penalties.

Across the Northeast, there have been power outages and public transportation problems making it difficult in some cases, if not impossible, for some taxpayers and tax professionals to meet the April 17 filing deadline.

“Because this unusually forceful storm hit within 24 hours of the filing deadline, we are giving affected taxpayers 48 additional hours,” IRS Commissioner Mark W. Everson said.

Affected taxpayers can mark their paper tax returns with the words “April 16 Storm.” Taxpayers who e-file their returns can use their software’s “disaster” feature, if available.

Taxpayers can keep up to date by visiting the Newsroom on the IRS Web site

[DTS]

Storm

I wonder if Everson heard about the bad storm that hit So. Ca. this afternoon???

Dennis

[Lion]

Books in CT

Dennis, don't you remember storing your computer files in my home office in CT? Surely, that gives you the extra 48 hours!

[George Boutwell]

IRS's Little Secret

They don't start checking postmarks until a week or so after the filing deadline, anyway.

[DTS]

Lion

I totally forgot about those files! Thanks for reminding me. I'll pick up asap.

All kidding aside, I hope all is well back East. I lived south of Chicago for 4 years and I do know how dangerous it can get.

Dennis

[S T]

So

Does that mean we have been spending extra postage to certify those extensions and payments and did not have to??

Sandy

[BP.]

Thanks for the info. My power was out half the am yesterday. Two extra days, huh? Guess I didn't have to show up in the office with gas station coffee & crazy bed-head!!

[jainen]

I feel guilty

>>48 additional hours<<

I've always felt jealous that eastern tax offices get to knock off work a few hours before us (on the 15th, etc.). This year you guys have to make up for all that by working until Thursday! Now I feel guilty.

[GIMoe]

F A Q -- fyi

From the IRS website FAQ on this time extension:

Q: Are estimated tax payments included in this relief?

A: No, the additional 48-hour filing and payment relief does not apply to estimated tax payments for individuals and businesses.

Q: Does the storm relief apply to the individual tax refund claims for tax year 2003 where the regular three-year statute of limitations is expiring?

A: No. We do not have the authority to extend the statute of limitations for the filing of the refund claims or any other time sensitive acts unless there is a Presidential disaster declaration.

Q: Will interest be waived on payments made after April 17, 2007?

A: No. We do not have the authority to waive interest on any underpayment of tax due April 17, 2007, that is paid late unless there is a Presidential disaster declaration.

Does not waive due date of 2003 returns, does not waive Estimated Tax due date, and interest accrues from April 17th.