Date: February 6th 2006

Local IRS gets credit for this one:

As many of you have heard, several counties in California were identified as Presidentially declared disaster areas. The following link to the FEMA web site specifies the designated counties, the incident types, and incident period covered: http://www.fema.gov/news/eventcounties.fema?id=5925

Additional FEMA news addressing this issue may be found at http://www.fema.gov/news/newsrelease.fema?id=23241

And for IRS information regarding tax relief for Presidentially declared disaster areas, visit IRS.gov at http://www.irs.gov/taxtopics/tc515.html

Remember, the incident period, for the disasters related to the California storms, is between December 17, 2005 and January 3, 2006. If a taxpayer suffered a loss in 2005, the election to deduct a 2005 disaster loss on a 2004 return must be made on or before the due date (without extensions) of the 2005 return.




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