NKY storm survivors eligible for state and federal tax breaks | Politics
FRANKFORT, KY (FOX19) - Storm survivors in the 21 Kentucky counties designated for FEMA Individual Assistance following the severe storms, tornadoes, straight-line winds and flooding of February 29 through March 3 will get some federal and Commonwealth tax breaks.
IRS, with the cooperation of the Kentucky Department of Revenue, is postponing certain tax deadlines for Kentuckians who live in, or have a business in: Bath, Campbell, Carroll, Grant, Grayson, Johnson, Kenton, Larue, Laurel, Lawrence, Magoffin, Martin, Menifee, Montgomery, Morgan, Ohio, Pendleton, Rowan, Russell, Trimble or Wolfe counties.
This special relief includes an extension of the April 17 deadline for filing 2011 individual income tax returns, making income tax payments and making 2011 contributions to an individual retirement account.
In addition, IRS is waiving failure-to-deposit penalties for employment and excise tax deposits due on or after Feb. 29, and on or before March 15, as long as the deposits are made by March 15, 2012.
Additional information regarding this tax relief may be found at www.irs.gov. Kentucky honors federal extensions related to disaster relief for filing of income tax returns, including payment of tax due.
Late filing and payment penalties will be waived for those affected taxpayers in designated counties who have an original or extended income tax filing, payment or deposit due date, including an extended filing or payment due date, that falls within the postponement period. Kentucky’s tax laws have no provision for the waiver of interest.
Taxpayers are advised to label the top margin of the tax forms filed under this relief provision in large, red letters with the words “February 2012 Storms.” Taxpayers requiring assistance with penalty waivers or additional tax information may contact the Department of Revenue at 502-564-4581.
This extension to file and pay taxes does not apply to sales and other tax types. However, taxpayers who lost their sales tax return and need a replacement may contact the Kentucky Department of Revenue Division of Sales and Use Tax at 502-564-5170 for assistance. Taxpayers who are having difficulty meeting filing deadlines for their sales tax returns may also contact the Division of Sales and Use Tax which will work with them on a case-by-case basis.
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