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New IRS information
The IRS has issued a reminder to flood victims about tax filing. The text is below:
IRS Alerts Flood Victims to April 18 Filing Deadline
AL/TN-2011-16, March 18, 2011
NASHVILLE – The Internal Revenue Service today reminded Tennesseans that those affected by the 2010 floods and storms who want to seek tax relief using their 2009 federal income tax return must file or amend their 2009 return no later than April 18, 2011. There is no filing extension available for those exercising this option.
Affected taxpayers in any of the 46 Tennessee countiesdeclared federal disaster areas after the May 2010 floods and storms generally have the option of claiming a casualty loss on their 2009 or 2010 federal income tax return. Only those in the federally-declared counties have this option.
“The casualty loss rules for 2009 differ from those for 2010, so filers must decide which rules are the most beneficial for their own situation,” Boone said. "Those who want to use their 2009 return to claim a casualty loss that occurred in 2010 must file or amend that return by April 18, 2011."
According to Boone, many flood or storm victims may benefit from claiming a casualty loss with the IRS, especially those who did not have insurance.
Taxpayers who were casualty/disaster victims in 2010 should consider all these tax benefits:
1. Affected taxpayers in a Presidentially-declared county are generally eligible to:
File or amend their 2009 federal tax return by April 18, 2011, to claim 2010 casualty losses.
Get expedited copies of prior year tax returns and have the fees waived.
2. Storm or flood victims who replaced heating and air systems, windows, doors, insulation or other items related to energy efficiency should check to see if they are eligible for the Residential Energy Credit. The credit is a maximum of $1500 for 2009 and 2010 expenditures combined. To determine which items qualify for the tax credit, visit www.energystar.gov.
3. To receive expedited service from the IRS, flood or storm victims must put the disaster designation, "Tennessee/Severe Storms, Flooding, Straight-Line Winds and Tornadoes," at the top of any tax return or correspondence sent to the IRS.
4. Forms and publications are available at www.IRS.govfor calculating disaster losses and seeking tax breaks. Visit the "Disaster Assistance and Emergency Relief for Individuals and Businesses " page.
5. Taxpayers with questions about casualty losses can call the IRS Disaster Assistance hotline toll-free at 1-866-562-5227.
Taxpayers can also visit the Legal Aid Society website, www.las.org, to read a booklet entitled, "2010 Tax Guide for Flood Victims," or to watch a video about gathering documents needed for filing a casualty loss claim. The Legal Aid Society is not connected with the Internal Revenue Service, but both LAS and IRS have partnered with organizations and agencies to help flood victims.
IRS Alerts Flood Victims to April 18 Filing Deadline
AL/TN-2011-16, March 18, 2011
NASHVILLE – The Internal Revenue Service today reminded Tennesseans that those affected by the 2010 floods and storms who want to seek tax relief using their 2009 federal income tax return must file or amend their 2009 return no later than April 18, 2011. There is no filing extension available for those exercising this option.
Affected taxpayers in any of the 46 Tennessee counties
“The casualty loss rules for 2009 differ from those for 2010, so filers must decide which rules are the most beneficial for their own situation,” Boone said. "Those who want to use their 2009 return to claim a casualty loss that occurred in 2010 must file or amend that return by April 18, 2011."
According to Boone, many flood or storm victims may benefit from claiming a casualty loss with the IRS, especially those who did not have insurance.
Taxpayers who were casualty/disaster victims in 2010 should consider all these tax benefits:
1. Affected taxpayers in a Presidentially-declared county are generally eligible to:
File or amend their 2009 federal tax return by April 18, 2011, to claim 2010 casualty losses.
Get expedited copies of prior year tax returns and have the fees waived.
2. Storm or flood victims who replaced heating and air systems, windows, doors, insulation or other items related to energy efficiency should check to see if they are eligible for the Residential Energy Credit. The credit is a maximum of $1500 for 2009 and 2010 expenditures combined. To determine which items qualify for the tax credit, visit www.energystar.gov
3. To receive expedited service from the IRS, flood or storm victims must put the disaster designation, "Tennessee/Severe Storms, Flooding, Straight-Line Winds and Tornadoes," at the top of any tax return or correspondence sent to the IRS.
4. Forms and publications are available at www.IRS.gov
5. Taxpayers with questions about casualty losses can call the IRS Disaster Assistance hotline toll-free at 1-866-562-5227.
Taxpayers can also visit the Legal Aid Society website, www.las.org
Free Tax Preparation for Flood Victims
Flood victims can take advantage of several provisions designed to lessen the damage they've suffered. However, preparing tax returns that include such losses can be extremely complex. Nashville area flood victims can take advantage of free tax preparation services by dialing 211 to be connected the the United Way's helpline and asking to for tax preparation help.
Sales Tax Refund Deadline May Be Extended
September 30 was the deadline to purchase certain appliances and rebuilding supplies and still be eligible for a sales tax refund. However, the deadline to get a refund may be extended if new legislation passes in January. So, continue to hold onto your receipts. For more about the sales tax refund and other tax-related information, click here.
Tax Relief Meetings
A series of public meetings have been scheduled to help flood victims learn about reporting flood losses to the IRS. Click here for more information.
Possible Buyouts for Franklin Homeowners
The City of Franklin is taking part in a federally-assisted buyout of certain flooded homes. An informational meeting will be held at Franklin City Hall on September 22, 2010 at 6pm. Interested homeowners will likely have until October 25 to sign up with the city. Click here for more info.
North Nashville Flood Recovery
Teams of volunteers will be in the North Nashville area from September 20 through October 2. Called "Greenshirts," you can recognize them by their green clothing with the "CRWRC" labelling. They will be canvassing the North Nashville area and holding open hours at a walk-in clinic at 3514 West Hamilton Avenue from 9:30 a.m. to 6:30 p.m. on Monday-Friday and from 9:30 to 1:30 p.m. for the next two Saturdays. They are seeking to determine what the residents of North Nashville need to help them recover. More information is here.
Free Help Restoring Damaged Photos
On September 10 and 11, a volunteer group of professionals will help flood victims restore damaged photos at the United Ministries office on Belmont Blvd. Each person may bring up to 20 images, which will be digitally copied, restored (if possible), and mailed back to the owner. More information here.
Deadline for Property Tax Relief Fast Approaching
The deadline to apply for flood-related Davidson County propery tax relief is Wednesday, September 1. To date, only about one-sixth of eligible persons have applied. Click here for more info on the tax relief available.
FEMA Help Centers Closing/Moving
Please note that the Disaster Recovery Centers that are still open will be moving and transitioning into roles as SBA Disaster Loan Outreach Centers. Click here to read FEMA's press release and view the locations.
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