IRS offering break for Colorado flood victims

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78532484The Internal Revenue Service will provide tax relief to individual and business taxpayers affected by, flooding, landslides and mudslides in Colorado.

The IRS announced this week that some taxpayers in the counties of Adams, Boulder, El Paso, Larimer and Weld will receive tax relief, and other locations may be added in coming days following additional damage assessments by the Federal Emergency Management Agency.

The tax relief postpones certain tax filing and payment deadlines to Dec. 2. It includes corporations and businesses that previously obtained an extension until Sept. 16 to file 2012 returns and individuals and businesses that received a similar extension until Oct. 15.

It also includes the estimated tax payment for the third quarter of 2013, which would normally be due Sept. 16.

The IRS automatically identifies taxpayers located in the covered disaster area and applies automatic filing and payment relief. But affected taxpayers who reside or have a business located outside the covered disaster area must call the IRS disaster hotline at 866-562-5227 to request relief.

Practitioners located in the covered disaster area who maintain records necessary to meet a filing or payment deadline for multiple taxpayers outside the disaster area may contact the IRS to identify such clients using the procedures described on the IRS website.

Full details, including information about how to claim a disaster loss by amending a prior-year tax return, can be found in IRS.gov, where updates are continuously posted.