Tax Relief Granted for Arkansas Victims of Severe Storms and Flooding

NSTPInternal Revenue Service (IRS), Natural Diaster, Tax Relief

Tax relief granted for Arkansas victims of severe storms and flooding

Tax Relief Granted for Arkansas Victims of Severe Storms and Flooding.

Tax relief has been granted for Arkansas victims of severe storms and flooding. The president has declared a federal disaster area in Arkansas. The disaster is due to severe storms and flooding, which took place on May 21, 2019. The disaster area includes:

  • Conway,
  • Crawford,
  • Faulkner,
  • Jefferson,
  • Perry,
  • Pulaski,
  • Sebastian, and
  • Yell

Thus, taxpayers who live or have a business in the disaster area may qualify for tax relief.

Arkansas Filing Deadlines Extended

The IRS extended certain deadlines falling on or after May 21, 2019, and before September 30, 2019, to September 30, 2019. The extension includes filing for most returns, including:

  • individual, corporate, estate and trust income tax returns;
  • partnership and S corporation income tax returns;
  • estate, gift and generation-skipping transfer tax returns;
  • the Form 5500 series returns, and
  • employment and certain excise tax returns.

However, the extension does not include information returns in the Form W-2, 1098, or 1099 series or Forms 1042-S or 8027.

Arkansas Payment Deadlines Extended

Also, the relief includes extra time to make tax payments. This includes estimated tax payments due on or after May 21, 2019, and before September 30, 2019. In addition, taxpayers have until September 30, 2019, to perform other time-sensitive actions due on or after May 21, 2019 and before September 30, 2019.

The IRS excused late penalties for employment and excise tax deposits due on or after May 21, 2019, and before June 5, 2019. But the taxpayer must make the deposits by June 5, 2019.

Casualty Losses

Affected taxpayers can claim disaster-related casualty losses on their federal income tax return. Taxpayers may get relief sooner by claiming their losses on their 2018 or 2019 return. Individuals may deduct personal property losses not covered by insurance or other reimbursements.

Taxpayers claiming a disaster loss on their 2018 or 2019 return should write the disaster designation:

"Arkansas Severe Storms and Flooding"

at the top of the return. This will allow the IRS to speed refund processing.

Also, the IRS will provide affected taxpayers with copies of prior year returns without charge. To get this expedited service, taxpayers should:

  • 1. add the disaster designation at the top of Form 4506, Request for a Copy of Tax Return, or Form 4506-T, Request for Transcript of Tax Return, and
  • 2. submit it to the IRS.

Go to https://www.irs.gov/newsroom/tax-relief-in-disaster-situations for information on all disaster relief guidance issued.