IRS extends tax-filing deadline for storm victims

The Missouri Department of Revenue will give taxpayers in counties hit by severe weather on or after March 11 until May 15 to file, in coordination with the extended Internal Revenue Service deadlines.

The department also will waive penalties for Missourians who do not file sales, employer withholding and excise taxes by the normal deadline because of the severe weather.

The extension applies to taxpayers in counties declared federal disaster areas, which included Benton, Cedar, Christian, Greene, Lawrence, Lincoln, Newton, Taney, Webster and Wright, as of March 24.

Anyone affected by the severe weather is eligible for the extension, including individuals who live in the disaster areas, businesses whose principal places of operation are located in disaster areas, taxpayers whose books, records or tax professionals’ offices are in disaster areas, and all relief workers affiliated with a government or philanthropic organization that have assisted in relief activities.

To identify themselves as storm victims, taxpayers must write “Severe Storms, Tornadoes and Floods” in red ink at the top of any submitted tax forms.

If any affected taxpayers receive a penalty notice from the IRS, they can call the number on the notice to have the IRS abate any interest and late filing penalties.

Affected taxpayers who have storm-related losses may choose to deduct their losses on their 2005 or 2006 federal tax returns. Claiming losses on a return from last year could result in an earlier refund, but claiming losses on this year’s return could result in greater tax savings, according to the IRS.[[In-content Ad]]