Louisiana residents who suffered damages from the severe storms and flooding that occurred between Oct. 16 and Nov. 8, 2006, may be eligible for disaster tax relief from the Internal Revenue Service, the Federal Emergency Management Agency reported.
The IRS has announced that affected taxpayers have been granted an extension to file or pay most tax returns including individual tax returns and employment tax returns. The new deadline to file is Jan. 2, 2007.
In addition, affected taxpayers in Allen, Beauregard, Calcasieu, Caldwell , Franklin , Grant, Jefferson Davis, LaSalle, Madison , Morehouse, Natchitoches , Richland , Sabine, St. Helena , St. Landry, Vernon and Winn parishes have the option of claiming disaster-related losses either on this year’s (2006) or last year’s (2005) income tax return. Claiming the loss on an original or amended return for last year will get the taxpayer an earlier refund, but waiting to claim the loss on this year’s return could result in a greater tax saving, depending on other income factors.
For more information taxpayers may download forms and publications from the IRS Web site at www.irs.gov or may order them by calling 1-800-TAX-FORM (1-800-829-3676). The IRS toll-free number for general tax questions is 1-800-829-1040.
Affected taxpayers claiming the disaster loss on last year’s return should put “Severe Storms, Flooding -LA” in red ink at the top of the form so that the IRS can expedite the processing of the refund.
Source: FEMA
Banks Still Face Legal Claims After $25 Billion Settlement
MF Global Judge to Examine Insurance Payments for Former Executives
Daredevil CEOs May Put Companies at Risk
California Independent Contractor Law May Be Liability for Agents, Brokers
North Carolina Continues Auto Regulation Debate As Rates Stay Same for 2012
Long-time California Lobbyist Looks to 2012 Legislation Affecting Insurance
Mine Safety Chief Seeks to End Complacency Over Safety
Virginia Court Grants Rehearing of Global Warming Claims Case
