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The IRS has extended return-filing and payment deadlines for victims of the severe storms and flooding that hit Carroll, Chattooga, Cherokee, Cobb, Douglas, Paulding and Stephens counties on September 18, 2009, and resulted in the counties being declared federal disaster areas. Persons who qualify for assistance have until December 17, 2009, to file returns, pay taxes (including estimated tax payments), and perform certain other time-sensitive acts otherwise due between September 18, 2009, and December 17, 2009.
Affected taxpayers include those who reside or have a principal place of business in the presidentially declared disaster area, as well as persons outside the area whose records are located in the designated disaster area, all relief workers affiliated with recognized government or philanthropic organizations that assisted in the relief efforts, and any individual visiting the designated disaster area who was killed or injured as a result of the disaster. Taxpayers who reside or have a business located outside of the designated disaster area who nonetheless believe that they are similarly entitled to disaster relief must call the IRS disaster hotline (1-866-562-5227) to request tax relief.
While this relief also applies to the filing of Form 5500, the postponement of the time to file and pay does not apply to information returns in the Form W-2, 1098, 1099 series, or to Forms 1042-S or 8027, or to employment or excise tax deposits. However, penalties for failure to timely file information returns can be waived, for reasonable cause, under existing procedures. In addition, the IRS will abate penalties for failure to make timely employment and excise tax deposits due on or after September 18, 2009 and on or before October 5, 2009 if the taxpayer made these deposits by October 5, 2009.
The IRS reminds taxpayers who suffer a casualty loss as a result of a federally declared disaster that they must reduce the loss from each casualty event by $500. Such taxpayers have the option, however, of claiming disaster-related casualty losses on their federal income tax return for either 2008 or 2009. Taxpayers claiming disaster-related casualty losses on their 2008 returns should mark the top of their tax returns "Georgia/Severe Storms and Flooding" to expedite refunds. (Georgia Disaster Relief Notice, ATL-2009-36.)
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The Connecticut Department of Revenue Services (DRS) explains the requirement and methods for paying taxes electronically by electronic funds transfer (EFT). An EFT is handled through the Automated Clearing House System (ACH), a nationwide network that electronically transfers funds. Taxpayers whose prior year liability for a particular tax exceeded $10,000 for the 12-month period ending the preceding June 30 for monthly and quarterly tax liabilities, or for the preceding taxable year for annual tax liabilities, and who are notified by the DRS to pay that tax by EFT are required to pay the tax by EFT. Taxpayers who are required to pay by EFT must continue to do so until the DRS indicates otherwise. (Informational Publication 2009(19), Connecticut Department of Revenue Services, September 28, 2009.)
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Recently enacted legislation may require catch-up withholding for certain individuals. Effective for taxable year 2009, the highest marginal tax rate has increased to 6.5% for the following individuals:
Employers are required to adjust the withholding amount for employees within these tax brackets to reflect the 6.5% rate. To determine the catch-up withholding for employees that are subject to the new rate, calculate the tax due on the annualized taxable income, subtract the withholding tax already withheld, and divide the difference by the number of pay periods remaining in 2009. To calculate the additional withholding tax for taxable year 2009, use the withholding calculation rules at http://www.ct.gov/drs/lib/drs/forms/2009withholding/2009calculationrules.pdf. (Connecticut Department of Revenue Services, www.ct.gov/drs, October 2, 2009.)
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The Social Security Administration has removed Vietnam and Democratic Kampuchea (now Cambodia) from the list of countries in 20 CFR §404.460(c)(3) to which Social Security benefits may not be sent under restrictions imposed by the Department of the Treasury. This revision reflects published Treasury regulations in 1996 and 2001 that removed the restrictions on sending federal payments to beneficiaries living in those countries. In addition, the SSA is updating the citation for Treasury's authority to restrict payments to beneficiaries living in certain countries. The regulations at 20 CFR §460(b)(2)(ii), (c)(1) and (c)(2) are revised to refer to the appropriate statute. A typographical error in the heading to Reg. §404.460 is also corrected. The regulation became effective on September 25, 2009 (74 Fed. Reg. 48855.)
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