Filing, Payment Deadlines Extended for Storm, Flooding, Mudslide and Landslide Victims in West Virginia (WVA-2012-2)

The IRS has extended return-filing and payment deadlines for victims of severe storms, flooding, mudslides and landslides that started on March 15, 2012, in parts of West Virginia, resulting in Logan County being declared a federal disaster area. Certain deadlines falling on or after March 15, 2012, and on or before May 31, 2012, have been postponed to May 31, 2012. This includes the April 17 deadline for filing individual income tax returns for 2011, and for making income tax payments and 2011 contributions to IRA plans. Affected taxpayers include those who reside or have a principal place of business in the presidentially declared disaster area, as well as persons outside the area whose records are located in the designated disaster area, all relief workers affiliated with recognized government or philanthropic organizations that assisted in the relief efforts, and any individual visiting the designated disaster area who was killed or injured as a result of the disaster.

While this relief also applies to the filing of Form 5500, the postponement of the time to file and pay does not apply to information returns in the Form W-2, 1098 or 1099 series, to Forms 1042-S or 8027, or to employment or excise tax deposits. However, penalties for failure to timely file information returns can be waived for reasonable cause under existing procedures. In addition, the IRS will abate penalties for failure to make timely employment and excise tax deposits due on or after March 15 and on or before March 30 provided the deposits are made by March 30. The IRS reminds taxpayers who suffer a casualty loss as a result of a federally declared disaster that they have the option of claiming disaster-related casualty losses on their federal income tax returns for either 2011 or 2012. Taxpayers claiming disaster-related casualty losses on their 2011 returns should mark the top of their tax returns “West Virginia Severe Storms, Flooding, Mudslides, and Landslides” to ensure that the IRS will expedite the processing of the refund.

West Virginia Disaster Relief Notice (WVA-2012-2), 2012FED ¶46,330

Other References:

Code Sec. 7508A

CCH Reference – 2012FED ¶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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