Residents in 20 Missouri counties who were impacted by severe storms, tornadoes and flooding may be eligible for tax relief from the Internal Revenue Service.
President Donald Trump approved a major disaster declaration for 20 counties affected by flooding, tornadoes and severe storms since April 29. Those counties are Andrew, Atchison, Boone, Buchanan, Carroll, Chariton, Cole, Greene, Holt, Jackson, Jasper, Lafayette, Lincoln, Livingston, Miller, Osage, Pike, Platte, Pulaski and St. Charles.
The IRS can postpone certain deadlines for taxpayers who live or operate businesses within the 20 counties, so those who had certain deadlines on April 29-Aug. 29 can have additional time to file most tax returns through Aug. 30, according to a Thursday news release. This includes the quarterly estimated income tax payments due June 17 and employment and excise tax returns that were due April 30 and July 31.
This also includes tax-exempt organizations in the disaster area that operate on a calendar-year basis and had to submit a Form 990 by May 15.
Payroll and excise tax deposit penalties that were due April 29-May 14 will be abated as long as the deposits were made by May 14, the news release states.
If an impacted taxpayer receives a late filing or payment penalty notice that has a filing, payment or deposit due date that falls within the postponement period, he or she should call the IRS number listed on the form so the IRS can abate the penalty.
"The IRS automatically identifies taxpayers located in the covered disaster area and applies automatic filing and payment relief," according to the news release. Affected taxpayers who live or have a business located outside of the disaster area must call 866-562-5227 to request this tax relief, it notes.
Impacted residents can claim disaster-related casualty losses on their federal income tax return for either the year the event happened or the prior year, according to the news release. They can also deduct personal property losses not covered by insurance or other reimbursements, it notes.
Those claiming disaster loss on a 2018 or 2019 tax return should put the Disaster Designation, "Missouri, Severe Storms, Tornadoes and Flooding," in red ink at the top of the form, along with the disaster declaration number, FEMA 4451, according to the news release.