Posts Tagged ‘Federal Emergency Management Agency’

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A Home Away from Home:

In Accounting & Finances,Business,Culture on November 18, 2013 by Sufen Wang Tagged: , , , , , , ,

IRS Waives Low-Income Housing Limits for Colorado Disaster Victims

MH900437833When natural disaster strikes, the IRS strikes back with letting regulations slide. The landslides, severe storms, and flash floods that wracked the Colorado landscape in mid-September destroyed at least 1,500 houses and damaged 17,500 more. That left a lot of people with no place to call home.

It’d be plain silly to make someone who just waded through mud and muck wade through rules and paperwork for a warm bed. Accordingly, the IRS suspended certain limitations for projects financed with low-income housing tax credits or exempt facility bonds. In other words, any Colorado disaster victim, regardless of income, can temporarily stay in one of these residential rental projects. And not just in the immediate area – operators of these facilities anywhere in the nation can provide shelter for the storm victims.

MH900423029And FEMA also didn’t give victims a rain check on relief. FEMA approved a third extension to the Transitional Sheltering Assistance (TSA) program. The TSA pays for eligible flood evacuees to stay in participating hotels and motels, with FEMA and the state picking up the bill. Victims whose homes are still uninhabitable or without utilities will continue to have a safe place to stay until November 17, replete with sticky remote and lumpy pillows. Let’s give these federal agencies a round of applause for giving the disaster victims one less thing to worry about. And if you want to lend a helping hand, then check out http://helpcoloradonow.com/.

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Sufen Wang, M.S.Accountancy
Wang Solutions, Long Beach, CA (562) 856-0793
Editor: Hannah Huff, M.F.A. Creative Writing: Poetry, (562) 806-5805

Articles

Tax Filing Deadlines Just Ahead:

In Accounting & Finances,Business,Taxes on September 5, 2011 by Sufen Wang Tagged: , ,

IRS Gives Hurricane Victims a Break 

 
Hey procrastinators, check your calendar!  Time is running out… The Corporate Income Tax for 2010 – if you filed an extension by March 15, 2011 – is due September 15, 2011. The Personal Income Tax for 2010 – if you filed an extension by April 18, 2011 – is due October 17, 2011. Fortunately, the IRS has announced that victims of Hurricane Irene won’t be subject to these deadlines.

 
As of September 2, taxpayers living in federally-declared disaster areas in Vermont, North Carolina, New Jersey, New York, and Puerto Rico will be eligible for tax relief. The extension postpones certain tax filing and payment deadlines until Oct. 31, 2011.
 
The relief is only available to corporations/businesses that previously obtained an extension until Sept.15 for their 2010 returns, and individuals/businesses that received a similar extension until Oct. 17. The estimated tax payment for the third quarter of 2011, which would normally be due Sept. 15, is also included in the extension.
 

Even taxpayers whose preparers aren’t located in FEMA-designated disaster areas will receive some leeway from the IRS. Taxpayers whose preparers were in locales under evacuation or a severe weather warning during the hurricane, have until Sept. 22 (an extra week) to file their returns.
 

Taxpayers also get one more chance to take advantage of the Offshore Voluntary Disclosure Initiative. Due to the potential impact of Hurricane Irene, the IRS has extended the deadline from August 31 until September 9. Don’t delay, at least file for a 90 day-extension today!

 
On the Money,
Sufen Wang
Wang Solutions