The Iowa Department of Revenue is giving taxpayers hit by tornadoes and flooding more time to pay their taxes. Department spokesperson, Renee Mulvey, says the extension gives those impacted by the natural disasters time to get everything in order.
Mulvey says they have plenty of returns from semi-monthly and monthly filers who normally face a June 26th filing deadline. She says that deadline has now been extended to July 28th for those impacted by the floods and tornadoes. Mulvey says they aren’t sure just how many Iowans might benefit from the extension.
Mulvey says,"This situation is unprecedented for us, as well as for many other people, in that we’re not certain exactly how many people, how many businesses, this is going to affect." Mulvey says if you get a notice of a penalty or interest, you should call the Revenue Department and explain that you were impacted by the flooding and tornadoes.
Mulvey also has some advice for those with disaster-related loses on their federal tax returns. Mulvey says those who take casualty losses can either amend their 2007 federal return, or wait until 2008. She says you should do the same thing for your state taxes that you do for you federal taxes, so if you file an amended 2007 federal return, file a 2007 amended return for your state taxes. Casualty loses are anything not covered by insurance.
Mulvey says you can find more information on the Department of Revenue’s website . Mulvey says you should also check the State of Iowa Flood 2008 website to get all kinds of information on resources available to help you deal with the floods and storms. Mulvey says Iowans in a federally declared disaster areas can take casualty loses on their income tax returns.
Counties declared presidential disasters for individual assistance are: Adams, Allamakee, Benton, Black Hawk, Boone, Bremer, Butler, Buchanan, Cedar, Cerro Gordo, Chickasaw, Clayton, Crawford, Delaware, Des Moines, Fayette, Floyd, Franklin, Fremont, Hamilton, Hancock, Hardin, Harrison, Jasper, Johnson, Jones, Kossuth, Lee, Linn, Louisa, Madison, Mahaska, Marion, Marshall, Mills, Monona, Muscatine, Page, Polk, Scott, Story, Tama, Union, Wapello, Warren, Webster, Winneshiek and Wright.