Victims of the August 10 derecho in Iowa may qualify for tax relief from the Internal Revenue Service. Following the recent disaster declaration for individual assistance issued by the Federal Emergency Management Agency, the IRS announced today that affected taxpayers in certain areas will receive tax relief. When individuals file paperwork they will need the FEMA Disaster Declaration number for Iowa which is DR-4557-IA.
Individuals and households who reside or have a business in Benton, Boone, Cedar, Clinton, Jasper, Linn, Marshall, Polk, Poweshiek, Scott, Story, and Tama counties qualify for tax relief, but taxpayers in localities added later to the disaster area will automatically receive the same filing and payment relief. The declaration permits the IRS to postpone certain tax-filing and tax-payment deadlines for taxpayers who reside or have a business in the disaster area.
Taxpayers considered to be affected taxpayers eligible for the postponement of time to file returns, pay taxes and perform other time-sensitive acts are those taxpayers listed in Treas. Reg. § 301.7508A-1(d)(1), and include individuals who live, and businesses (including tax-exempt organizations) whose principal place of business is located, in the covered disaster area.
Follow the link to the IRS announcement for more information and how to file.