IRS Tax Break
Release Date: August 24, 2006
Release Number: 1650-063
» More Information on New York Severe Storms and Flooding
ALBANY, N.Y. -- Federal disaster officials issued a reminder today that New Yorkers who live or operate businesses in 12 counties may be eligible to claim federal income tax refunds from the Internal Revenue Service if they suffered uninsured losses due to the late June floods.
The tax break was triggered by President Bush's disaster declaration of July 1. Homeowners and businesses with qualifying casualty losses from the June flooding may file an amended return for 2005 in order to receive a refund.
The 12 counties are Broome, Chenango , Delaware , Herkimer, Montgomery , Oneida , Orange , Otsego, Schoharie, Sullivan, Tioga and Ulster .
"Taxpayers in these counties who were adversely affected by the flooding may be eligible to claim uninsured flood related losses immediately by amending their last year's tax returns," said Federal Coordinating Officer Marianne C. Jackson of the Federal Emergency Management Agency.
Although it may be advantageous for some people who were affected by the floods to get an additional refund quickly by filing an amended tax return for 2005, claiming the loss on this year's return may result in greater tax savings, IRS officials point out.
Internal Revenue Service claims are filed on Form 4684. Obtaining a copy of IRS Publication 547 will help guide taxpayers through the process. Federal tax forms and publications are available free of charge by calling 1-800-829-3676 or by contacting the IRS's Web site, www.irs.gov.
For more information, call the IRS toll-free at 1-800-829-1040 or visit the IRS Web site.
FEMA manages federal response and recovery efforts following any national incident. FEMA also initiates mitigation activities, works with state and local emergency managers, and manages the National Flood Insurance Program. FEMA became part of the U.S. Department of Homeland Security on March 1, 2003.
Last Modified: Tuesday, 29-Aug-2006 12:45:22