The IRS has delivered good news amidst the terrible disaster that swept across the state of Nebraska earlier this month. Individuals who live in or have a business in Butler, Cass, Colfax, Dodge, Douglas, Nemaha, Sarpy, Saunders or Washington Counties, may now qualify for tax relief. According to the official IRS notice issued on March 22, 2019, relief will be offered in the following forms:
- 2018 individual income tax returns and payments normally due on April 15, 2019 – deadline extended to July 31, 2019
- Quarterly estimated income tax payments due on April 15, 2019 and June 17, 2019 – deadline extended to July 31, 2019
- 2018 IRA contributions – deadline extended to July 31, 2019
- Penalties on payroll and excise tax deposits due on or after March 9, 2019, and before March 25, 2019 – abated as long as deposits were made by March 25, 2019
- Individuals may deduct personal property losses that are not covered by insurance or other reimbursements.
- The IRS will waive the usual fees and expedite requests for copies of previously filed tax returns for affected taxpayers.
The IRS will automatically identify taxpayers covered in the disaster area and apply automatic filing and payment relief. If you were affected by the flooding and reside outside of the covered disaster area, you must call the IRS disaster hotline at 866-562-5227 to request the tax relief.
To review the official notice of relief issued by the IRS, which includes specific detail and instructions for casualty losses and other relief, please click here.
For more information on tax relief for flood victims, or to speak with a member of our team, please contact our office at (402) 423-4343. Our thoughts and prayers go out to our family, friends, clients, and all victims affected by this month’s disaster.