BLOOMINGTON, Ill. -- Various forms of disaster tax relief may be available to residents and business in Iroquois and Livingston counties. Those who suffered losses in the severe storms and flooding between January 7 and March 14 can elect to deduct those losses on their tax returns for 2007 rather than wait to deduct the losses on their 2008 returns.
The IRS will postpone certain deadlines for taxpayers who reside or have a business in the disaster area until May 6. The postponement applies to return filing, tax payment and certain other time-sensitive acts otherwise due between Jan. 7 and May 6. In addition, the IRS will waive failure to deposit penalties for employment and excise deposits due on or after Jan. 7 and on or before Jan. 22, as long as the deposits were made by Jan. 22.
The Internal Revenue Service has a Disaster Assistance Hotline 1-866-562-5227 available Monday through Friday from 7 a.m. to 10 p.m. (CST). IRS representatives are available to help those affected by the floods deduct their storm-related losses. If the taxpayer already filed their 2007 federal income tax return, a copy of that return will likely be necessary when calling the IRS hotline for assistance.
For personalized assistance, as well as publications about disaster tax relief, IRS representatives are available in the Disaster Recovery Centers (DRCs). These are temporary facilities and disaster officials urge residents to take advantage of the free services and information. The DRCs are open from 9 a.m. to 7 p.m., Monday through Saturday, until further notice.
DRC for Iroquois County
Regional Health Center
200 Laird Lane.
DRC for Livingston County
City Council Chambers
115 W. Howard Street
For specific information about the tax relief programs for Iroquois and Livingston counties, read the IRS news release online at: www.irs.gov/newsroom/article/0,,id=180003,00.html.
Residents who plan to stop by the DRC are urged to register for assistance before their visit. To register for assistance, call 1-800-621-FEMA (3362) or (TTY) 1-800-462-7585, daily between 8 a.m. and 6 p.m. (CST), until further notice. Individuals with access to the internet can register online at www.fema.gov. The deadline to apply for disaster assistance is May 6, 2008.
FEMA coordinates the Federal government's role in preparing for, preventing, mitigating the effects of, responding to, and recovering from all domestic disasters, whether natural or man-made, including acts of terrorism.