The IRS has postponed certain deadlines for businesses and individuals located in counties affected by Hurricane Ike.  The postponement may affect your deadline for return filing, tax payment, deposit penalties for employment and excise deposits, and more.  You can find the details associated with the postponement at the IRS website.

In addition to relief from these deadlines the IRS has also provided some direction as to how casualty losses will be handled.  Specifically, “individuals may deduct personal property losses that are not covered by insurance or other reimbursements but they must first subtract $100 for each casualty event and then subtract 10 percent of their adjusted gross income from their total casualty losses for the year.” Hurricane Ike losses, therefore, require special attention when considering the income tax implications.

This entry was posted on Friday, October 3rd, 2008 at 7:43 pm and is filed under Hurricane Ike, Useful Links. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.