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The Treasury Department and the IRS are responding quickly to help millions of victims of Hurricane Katrina, the greatest natural disaster to ever hit the U.S. In a series of rapid-fire announcements, the Treasury and the IRS have ... (more)   Temporarily suspended certain requirements for low-income housing credit projects Announced plans to provide assistance to taxpayers at local disaster recovery centers Allowed removal of diesel fuel from certain airports without violating favorable excise tax treatment Expedited the review and approval process for organizations seeking tax-exempt status in order to provide relief to victims of Hurricane Katrina Extended income tax filing and  payment deadlines Extended employment and excise tax deposit deadlines Made many disaster payments tax-free Enhanced casualty-loss deductions for taxpayers in Presidentially-declared disaster areas Extended Form 5500 qualified plan deadlines Extended minimum funding plan contribution deadlines Released dyed diesel fuel for road use Waived certain low-income housing requirements Created a toll-free number for tax help (866-562-5227), and Issued tips for making tax-deductible contributions to help the victims For more information, please contact our office or visit the IRS Disaster Relief website. IRS Publications Publication 547, Casualties, Disasters and Thefts — Provides details on how to figure and claim a disaster loss. Download it (PDF 132KB, 16 pages), or read Pub. 547 online. Publication 2194, Disaster Losses Kit for Individuals (PDF 860KB, 100 pages), and Publication 2194B, Disaster Losses Kit for Businesses (PDF 943KB, 78 pages) — Contain various IRS publications and forms related to claiming disaster losses. Publication 3833, Disaster Relief: Providing Assistance through Charitable Organizations (PDF 507KB, 28 pages) — Explains how the public can use charitable organizations to help victims of disasters, and how new organizations may obtain tax-exempt status.

 

 

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