WASHINGTON - Victims of Hurricanes Katrina, Rita or Wilma wishing to claim disaster-related losses on their prior year federal income tax return will now have until October 16, 2006, to make this choice, the Internal Revenue Service announced Feb. 14. Taxpayers suffering disaster-related losses in certain areas of Florida, Alabama, Mississippi, Louisiana and Texas due to the hurricanes can choose to claim those losses on their current or prior year return. The original deadline for choosing this option is the due date of the taxpayer's current year return. Individuals wishing to claim disaster-related losses on their 2004 federal income tax return instead of their 2005 return will have an extra six months to make this choice. The original deadline for individuals choosing this option was April 17, 2006, according to the IRS. The new deadline does not affect the regular tax-filing deadlines for either 2004 or 2005 federal income tax returns, the agency said. An explanation of the liberalized disaster loss rules and special instructions for claiming these losses can be found in Publication 4492, Information for Taxpayers Affected by Hurricanes Katrina, Rita, and Wilma.
This copy is for your personal, non-commercial use only. To order presentation-ready copies for distribution to your colleagues, clients or customers, click the "Reprints" link at the top of any article.
From the February-22, 2006 issue of Credit Union Times Magazine • Subscribe!
IRS Extends Disaster Loss Filing Deadline For Hurricane Victims
Want the latest credit union news?
Sign up for our free newsletter today! All the breaking credit union news and information you need to make the right decision for your credit union delivered to your inbox. For free!
Thanks for subscribing, you will start receiving the Daily News Alert tomorrow!
Comments
- The 4 Major Designs of the $100 Bill (Slide Show)
- Anonymous May 7 Target List Includes 12 Large Credit Unions
- Theresa Portillo Sentenced to 6½ Years in Prison for Looting Feminist CU
- WesCorp’s Legacy Losses Outpace Other Corporates
- Stacie Wyss-Schoenborn Seeks Innovation One Step at a Time: Women to Watch
Resource Center
View All »
Measure and Monitor the Risks and Opportunities in Loan Portfolios
Get a complimentary demo of our loan portfolio analytics and access to the white paper,...
