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TAXPAYERS MAY DECLARE CASUALTY LOSSES ON THEIR 1991 RETURNS; IRS ANNOUNCES DEADLINE EXTENSIONS; EXAMINATIONS AND COLLECTIONS SUSPENDED

TAXPAYERS MAY DECLARE CASUALTY LOSSES ON THEIR 1991 RETURNS; IRS ANNOUNCES DEADLINE EXTENSIONS; EXAMINATIONS AND COLLECTIONS SUSPENDED
 -- Taxpayers in areas which have been declared federal disaster areas do not have to wait until the end of the year to declare casualty losses resulting from Hurricane Andrew. Here are their options:
 1. If they have not yet filed for 1991, they may include the losses
 in their 1991 return.
 2. If they have already filed for 1991, they may file an amended
 return. The IRS will then issue a refund (the wait should be 4
 to 6 weeks).
 -- The Internal Revenue Service has extended deadlines for all corporate, individual and partnership tax returns in Dade, Broward and Monroe counties until Dec. 15.
 The new deadline applies to all returns that are due between Aug. 24 and Dec. 15. Affected taxpayers are requested to write "Andrew" on the top of all returns.
 -- Businesses in affected areas that are unable to submit deposits on their payroll taxes will have until Oct. 15 to make those third quarter deposits without penalty. Write "Andrew" on the top of all affected forms.
 -- The IRS will suspend for 30 days all collections and audits in Dade Broward and Monroe counties. No new examinations will be initiated, and taxpayers who are currently being audited will be given additional time to respond to IRS requests for information.
 -0- 8/31/92
 /NOTE TO EDITOR: The above information has been supplied by Ed Garcia, CPA, and Kashyap Bakhai, CPA, tax managers with the Miami CPA firm of Morrison, Brown, Argiz & Company. Additional advisories will be released as announcements are made by the IRS. For additional information and analysis, you may reach Ed Garcia or Kashyap Bakhai at 305-667-3500/
 /CONTACT: Jim Murphy of Bruce Rubin Associates, 305-448-7450 (office), 305-854-9698 (home), for Morrison, Brown, Argiz & Company/ CO: Morrison, Brown, Argiz & Company ST: Florida IN: SU:


JB-AW -- FL013 -- 4968 08/31/92 12:36 EDT
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Date:Aug 31, 1992
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