Missouri Flood Victims May Qualify for IRS Extension
Abeles and Hoffman, P.C. extends IRS relief to clients affected by floods.
Missouri residents affected by the recent floods that started May17, 2008 and continue as forecasters even now call for more rain may find relief not from Mother Nature but the IRS. The Internal Revenue Service issued new guidelines for Missouri taxpayers affected by the recent floods in the form of tax relief and filing extensions. Abeles and Hoffman, P.C, a local St. Louis accounting firm, is assisting clients involved with the recent tax developments throughout the extended five week tax period. Eligible areas include St. Louis, Cape Girardeau, Jefferson, Laclede, and Madison along with 30 additional counties. Computer systems within the IRS should automatically recognize and apply filing and payment relief to those located in the authorized disaster areas. All other residents or business owners positioned outside the qualifying area must call the IRS Disaster Hotline at 1-866-562-5227 to request the assistance.
A summary of the plan allows taxpayers until May 19th, 2008 to file most tax returns, tax payments and the filing of certain forms, including Form 5500. It also allows taxpayers not residing in the designated disaster area but whose financial information or tax professionals' office are located within that vicinity to extend filing as well. Disaster-related losses, such as personal property not covered by insurance, can also be claimed on Federal Income Tax Returns for either this year or last. Tax professionals at Abeles and Hoffman are helping clients determine the best way to claim losses since declaring it on last year's returns may possibly net a quicker refund but waiting could result in bigger savings. Expedited requests for previously filed tax returns in order to make amendments and waived IRS fees complete the relief plan. Abeles and Hoffman urges flood victims to contact their tax preparers or the IRS in order to understand completely and take advantage of the benefits offered.
For additional details, requirements and qualifications or to download forms and publications go to http://www.irs.gov/ or contact the IRS at 1-800-829-1040.
For more information contact: Stuart Hoffman, CPA/ABV, CBA
Abeles & Hoffman, P.C. 9666 Olive Blvd. Suite 625 St. Louis MO 63133