IRS, FTB, DOL: Rita tax relief.The IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. has extended the due dates for filing tax returns and paying taxes until Feb. 28, 2006 (from Oct. 31, 2005) for taxpayers in nine Texas counties and five Louisiana parishes struck by Hurricane Rita Hurricane Rita was the fourth-most intense Atlantic hurricane ever recorded and the most intense tropical cyclone ever observed in the Gulf of Mexico. Rita caused $11.3 billion in damage on the U.S. Gulf Coast in September 2005. . The FTB FTB Franchise Tax Board (California; they collect income and sales tax) FTB Family Tax Benefit (Australian welfare assistance) FTB First Time Buyer (housing) likewise has extended tax filing dates and waived interest penalties until the end of February 2006 for California taxpayers affected by the hurricane. The Department of Labor's Employee Benefits Security Administration has extended the deadline to Jan. 3, 2006 for filing Form 5500 EZ annual report/returns for employee benefit plans affected by Hurricane Katrina. For more, visit www.irs.gov/newsroom/article/0,,id=148540,00.html; www.ftb.ca.gov/aboutFTB/press/2005/05_53.html; and www.dol.gov/ebsa/newsroom/pr0920a05.html. DISASTER ACCOUNTING GUIDANCE The AICPA AICPA See American Institute of Certified Public Accountants (AICPA). has released guidance identifying several key issues related to accounting for losses from natural disasters. The guidance, Accounting and Disclosures for Losses from Natural Disasters--Nongovernmental Entities, can be downloaded at www.aicpa.org/download/acctstd/Natural_disaster_TPA (Transient Program Area) See transient area. TPA - Transient Program Area _5400.05.pdf. |
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