Several other relief provisions have been announced in response to the disaster.

Chances are, you will need a tax professional to decipher the details and to make sure you obtain all the benefits for which you qualify. Allows clients three years to rollover an eligible distribution. Several other relief provisions have been announced in response to the disaster. Benefits can vary by location and do not always include an entire federally declared disaster area. Taxpayers in the affected area with employment tax and excise tax deposits otherwise due August 29 through September 23 have until October 31 to make the deposits. The liberalization of some of the rules applicable to loans and hardship distributions. For example, when President Bush declared a Hurricane Katrina disaster area it included the entire states of Alabama, Florida, Louisiana and Mississippi. Publication 4492 details a host of qualifiers, beginning with geographic areas affected by three hurricanes. Among them are many largely under reported benefits.

Automatic extensions of time to file tax Read More. Security Administration continues to examine these issues. Allows for the postponement of loan payments for up to one year.