H&R Block

News Release

For Further Information
Dorothea Weisinger, 518-383-4067, Dorothea.Weisinger@hrblock.com

New York Counties Declared Federal Disaster Areas, Tax Deadline Extended for Hurricane Victims

For Immediate Release

(Albany, NY) As East Coast residents clean up from Hurricane Irene, H&R Block advises victims on the tax implications for those who already filed a 2010 return, as well as those who were delayed by the disaster.

“This disaster has affected thousands of residents in the Northeast . We are here to help our neighbors get back on track,” said Dorothea Weisinger, District Manager at H&R Block. “Taxpayers need to know there is monetary relief in the form of their tax return.”

In the aftermath of Irene, the president declared federal disaster areas in the following counties: Albany, Clinton, Columbia, Delaware, Dutchess, Essex, Greene, Montgomery, Otsego, Putnam, Rensselaer, Saratoga, Schenectady, Schoharie, Suffolk, Ulster, Warren, and Washington.

Local H&R Block offices will be accepting donations for the hurricane victims. Suggested items are water, non-perishable foods, toiletries, diapers, formula, clothing, school and household items. If you are interested, please bring your donations to our Albany, Latham, Schenectady, Clifton Park or Saratoga offices. For more information, please contact Heather Thompson at 518-383-4067.

With this announcement certain tax filing and payment deadlines have been postponed to Oct. 31, 2011. This includes corporations or business that obtained an extension to file their 2010 returns by Sept. 15, 2011 and individuals or businesses that received a similar extension until Oct. 17. The estimated third quarter tax payment is also postponed.
“This means the IRS will not assess penalties or interest if tax returns are filed and other obligations are performed within a specified date,” said Dorothea Weisinger. “Taxpayers could be affected if they live, work, or have financial records located in a federal disaster area, or are a qualified relief worker assisting in the disaster area.”

Victims can consult FEMA and the IRS’s disaster information site for the most up-to-date lists of disaster areas and available relief.

Those affected also have the option of claiming 2011 disaster-related casualty losses on their federal return for either tax year 2010 or 2011. Waiting to claim the loss on the 2011 return, rather than filing an amended 2010 return, could result in greater tax savings. However, claiming a loss on a 2010 return allows disaster victims to recoup their losses more quickly. Calculating and claiming a casualty loss can be a confusing process so taxpayers should consider asking a tax professional for assistance in choosing the best option.

H&R Block clients can visit any of our more than 4,000 year-round offices for tax assistance and to request free copies of tax returns prepared in our offices or using H&R Block At Home software. Taxpayers may also contact the IRS at 800-829-1040 or www.irs.gov to get copies of past tax returns and transcripts.

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