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Tax Relief for Victims of April 16 Storms

Victims of severe storms, tornadoes and flooding on April 16, 2011 in parts of North Carolina may qualify for tax relief from the Internal Revenue Service.

The President has declared the following counties a federal disaster area: Bertie, Bladen, Cumberland, Halifax, Harnett, Johnston, Lee, Onslow, Wake and Wilson. Individuals who reside or have a business in these counties may qualify for tax relief.

As a result, the IRS is postponing until June 30 certain deadlines for taxpayers who live or have a business in the disaster area. This includes the April 18 deadline for filing 2010 individual income tax returns, making income tax payments and making 2010 contributions to an individual retirement account (IRA).

In addition, the IRS is waiving the failure-to-deposit penalties for employment and excise tax deposits due on or after April 16 and on or before May 2, 2011, as long as the deposits were made by May 2, 2011.

Here is a link to IRS News Release NC-2011-20 that provides all of the details regarding extensions to file and pay.