Certain deadlines falling on or after April 28, and on or before Oct. 15, have been postponed to Oct. 15, 2014. This relief includes the June 16 and Sept. 15 deadlines for making quarterly estimated tax payments.
The President has declared Baldwin, Blount, DeKalb, Etowah, Jefferson, Lee, Limestone, Mobile, and Tuscaloosa Counties a federal disaster area.
Individuals who reside or have a business in these counties generally qualify for the tax relief offered. Taxpayers not in the covered disaster area, but whose records necessary to meet certain tax deadlines are in the covered disaster area, are also entitled to relief. Certain relief workers in the declared counties may also be eligible for the tax deadline extensions.
Affected taxpayers in a federally declared disaster area also have the option of claiming disaster-related casualty losses on their federal income tax return for either this year or last year. Claiming the loss on an original or amended return for last year will get the taxpayer an earlier refund, but waiting to claim the loss on this year's return could result in a greater tax saving, depending on other income factors.
For details about IRS tax relief now in effect in the nine declared Alabama counties, see IRS Release AL/TN-2014-20AL: http://www.irs.gov/uac/Newsroom/Tax-Relief-for-Severe-Storms-Tornadoes--Straightline-Winds-and-Flooding-in-Alabama
Copyright 2016 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.