Vermont Storm Victims Provided Relief from Return Deadlines (VT-2011-28)

The IRS extended return-filing and payment deadlines for victims of severe storms and flooding that occurred in the Vermont counties of Addison, Chittenden, Essex, Franklin, Grand Isle, Lamoille and Orleans on April 23, 2011. Individuals who reside or have a business in these counties may qualify for tax relief. The IRS has given affected taxpayers until June 30, 2011, to file most tax returns, pay taxes and perform other time-sensitive acts described in Reg. §301.7508A-1(c) and Rev. Proc. 2007-56, 2007-2 CB 388, that are due to be performed on or after April 23. 2011, and on or before June 30, 2011.

The relief also includes the filing of Form 5500 series returns, and it may apply to like-kind exchanges of property. However, it does not pertain to information returns in the W-2, 1098 and 1099 series or to Forms 1042-S or 8027. Penalties for failure to timely file information returns may already be waived under existing procedures for reasonable cause. In addition, the postponement does not apply to employment and excise tax deposits since the IRS will abate penalties for failure to timely make the aforementioned deposits due on or after April 23, 2011, and or on or before May 9, 2011, provided the deposits were made by May 9, 2011.

Vermont Disaster Relief Notice (VT 2011-28), 2011FED ¶46,397

Other References:

Code Sec. 7508A

CCH Reference – 2011FED ¶42,687C.22

Tax Research Consultant

CCH Reference – TRC FILEIND: 15,204.25

CCH Reference – TRC FILEBUS: 15,110

AUTHOR

Wolters Kluwer Tax and Accounting

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