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GULF COAST BUSINESSES GRANTED AN ADDITIONAL FILING POSTPONEMENT DUE TO HURRICANE KATRINA

PURPOSE OF BULLETIN

To inform staff of additional Gulf Coast postponement of filing and payment requirements and the new FTB Publication 1034A-10. Publication 1034A-10 combines Hurricane Katrina, Rita, and Wilma rules into one publication.

BACKGROUND

President Bush declared federal disasters for areas affected by Hurricane Katrina starting on August 29, 2005, for Hurricane Rita on September 23, 2005 and Hurricane Wilma on October 23, 2005.

AFFECTED TAXPAYERS

Affected taxpayers include:

  • Individuals and businesses located in the disaster area.
  • Taxpayers whose records are located in the disaster area.

FILING EXTENSION FOR BUSINESSES

Hurricane Katrina: Businesses in the hardest hit areas are granted additional time to file and to pay by October 16, 2006. This is the same deadline established earlier for certain individual income tax return filers. Business taxpayers in seven Louisiana parishes and three Mississippi counties will automatically qualify for this postponement.

The postponement applies to:

  • 2004 tax returns
  • 2005 tax returns

The filing and payment postponement applies to original or extended due dates falling on or after 8/29/05, but before 10/16/06.

Additional extension:

Individuals, sole proprietorships, and Pass-through entities (including Partnerships, LLC’s treated as partnerships, and S-Corporations) in the hardest hit areas of Katrina may also request an additional six-month extension to April 15, 2007, to file and/or pay under R&TC 18567.

Corporations in the hardest hit areas of Katrina may also request an additional six-month extension to April 15, 2007, to file under R&TC 18604.

Interest starts to accrue after the October 16, 2006, postponement date.

REQUESTING EXTENSION

To request the extensions taxpayers can identify themselves by writing “Hurricane Katrina” in red ink on the top of their returns, or attaching a copy of their federal application, on or before October 16, 2006.

GENERAL INFORMATION

A full listing of the affected counties is also described in news release IR-2006-30 and in Notice 2006-20.

(Source: IRS Notices 2006-20 & 2006-56)

Information on the filing extensions is available in IRS Publication 1460, Highlights of Tax Relief Provided to Taxpayers in Response to Hurricanes Katrina, Rita, and Wilma.

ADDITIONAL INFORMATION

For additional information see Public Service Bulletin dated August 15,2006

 

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