Storm, Flood Victims May Qualify for IRS Disaster Relief

April 2, 2008

The IRS issued the following news releases that provide relief for certain tax payers impacted by storms, tornados, and floods in certain states. The relief applies not only to tax return filing, but also to the completion of certain time-sensitive tax-related acts under Treasury Regulation 301.7508A-1(c)(1), which includes, among other things, making IRA contributions.

Please note that not all areas in all states are included in the extensions. Refer to the release for each state for specifics regarding applicable areas and other related details.

When accepting contributions for 2007 after the April 15, 2008, deadline, please ask your client to verify that they qualify for the IRS sanctioned extension. Make sure that you enter the contribution into your records as a 2007 contribution, so that our records will be updated correctly.