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Electronic file 1040ez Publication 525 - Additional Material Prev  Up  Next   Home   More Online Publications
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Tax Relief for Victims of May 25 Flooding in Iowa

MIL-2011-07, Oct. 19, 2011

MILWAUKEE — Victims of the flooding that began on May 25, 2011 in parts of Iowa may qualify for tax relief from the Internal Revenue Service.

The President has declared the following counties a federal disaster area: Fremont, Harrison, Mills, Monona and Pottawattamie. Individuals who reside or have a business in these counties may qualify for tax relief.

The declaration permits the IRS to postpone certain deadlines for taxpayers who reside or have a business in the disaster area. For instance, certain deadlines falling on or after May 25, and on or before Aug. 1, have been postponed to Aug. 1, 2011.
In addition, the IRS is waiving the failure-to-deposit penalties for employment and excise tax deposits due on or after May 25, and on or before June 9, as long as the deposits are made by June 9, 2011.

If an affected taxpayer receives a penalty notice from the IRS, the taxpayer should call the telephone number on the notice to have the IRS abate any interest and any late filing or late payment penalties that would otherwise apply. Penalties or interest will be abated only for taxpayers who have an original or extended filing, payment or deposit due date, including an extended filing or payment due date, that falls within the postponement period.

The IRS automatically identifies taxpayers located in the covered disaster area and applies automatic filing and payment relief. But affected taxpayers who reside or have a business located outside the covered disaster area must call the IRS disaster hotline at 1-866-562-5227 to request this tax relief.

Covered Disaster Area

The counties listed above constitute a covered disaster area for purposes of Treas. Reg. § 301.7508A-1(d)(2) and are entitled to the relief detailed below.

Affected Taxpayers

Taxpayers considered to be affected taxpayers eligible for the postponement of time to file returns, pay taxes and perform other time-sensitive acts are those taxpayers listed in Treas. Reg. § 301.7508A-1(d)(1), and include individuals who live, and businesses whose principal place of business is located, in the covered disaster area. Taxpayers not in the covered disaster area, but whose records necessary to meet a deadline listed in Treas. Reg. § 301.7508A-1(c) are in the covered disaster area, are also entitled to relief. In addition, all relief workers affiliated with a recognized government or philanthropic organization assisting in the relief activities in the covered disaster area and any individual visiting the covered disaster area who was killed or injured as a result of the disaster are entitled to relief.

Grant of Relief

Under section 7508A, the IRS gives affected taxpayers until Aug. 1 to file most tax returns (including individual, corporate, and estate and trust income tax returns; partnership returns, S corporation returns, and trust returns; estate, gift, and generation-skipping transfer tax returns; and employment and certain excise tax returns), or to make tax payments, including estimated tax payments, that have either an original or extended due date occurring on or after May 25 and on or before Aug. 1.

The IRS also gives affected taxpayers until Aug. 1 to perform other time-sensitive actions described in Treas. Reg. § 301.7508A-1(c)(1) and Rev. Proc. 2007-56, 2007-34 I.R.B. 388 (Aug. 20, 2007), that are due to be performed on or after May 25 and on or before Aug. 1.

This relief also includes the filing of Form 5500 series returns, in the manner described in section 8 of Rev. Proc. 2007-56. The relief described in section 17 of Rev. Proc. 2007-56, pertaining to like-kind exchanges of property, also applies to certain taxpayers who are not otherwise affected taxpayers and may include acts required to be performed before or after the period above.

The postponement of time to file and pay does not apply to information returns in the W-2, 1098, 1099 series, or to Forms 1042-S or 8027. Penalties for failure to timely file information returns can be waived under existing procedures for reasonable cause. Likewise, the postponement does not apply to employment and excise tax deposits. The IRS, however, will abate penalties for failure to make timely employment and excise tax deposits due on or after May 25 and on or before June 9 provided the taxpayer makes these deposits by June 9.

Casualty Losses

Affected taxpayers in a federally declared disaster area have the option of claiming disaster-related casualty losses on their federal income tax return for either this year or last year. Claiming the loss on an original or amended return for last year will get the taxpayer an earlier refund, but waiting to claim the loss on this year’s return could result in a greater tax saving, depending on other income factors.

Individuals may deduct personal property losses that are not covered by insurance or other reimbursements. For details, see Form 4684 and its instructions.

Affected taxpayers claiming the disaster loss on last year’s return should put the Disaster Designation “Iowa/Flooding” at the top of the form so that the IRS can expedite the processing of the refund.

Other Relief

The IRS will waive the usual fees and expedite requests for copies of previously filed tax returns for affected taxpayers. Taxpayers should put the assigned Disaster Designation in red ink at the top of Form 4506, Request for Copy of Tax Return, or Form 4506-T, Request for Transcript of Tax Return, as appropriate, and submit it to the IRS.

Affected taxpayers who are contacted by the IRS on a collection or examination matter should explain how the disaster impacts them so that the IRS can provide appropriate consideration to their case.

Taxpayers may download forms and publications from the official IRS website, irs.gov, or order them by calling 1-800-TAX-FORM (1-800-829-3676). The IRS toll-free number for general tax questions is 1-800-829-1040.

Related Information

Page Last Reviewed or Updated: 13-Mar-2014

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Electronic file 1040ez 7. Electronic file 1040ez   Figuring Gross Profit Table of Contents Introduction Items To Check Testing Gross Profit AccuracyExample. Electronic file 1040ez Additions to Gross Profit Introduction After you have figured the gross receipts from your business (chapter 5) and the cost of goods sold (chapter 6), you are ready to figure your gross profit. Electronic file 1040ez You must determine gross profit before you can deduct any business expenses. Electronic file 1040ez These expenses are discussed in chapter 8. Electronic file 1040ez If you are filing Schedule C-EZ, your gross profit is your gross receipts plus certain other amounts, explained later under Additions to Gross Profit. Electronic file 1040ez Businesses that sell products. Electronic file 1040ez   If you are filing Schedule C, figure your gross profit by first figuring your net receipts. 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Electronic file 1040ez Illustration. Electronic file 1040ez   This illustration of the gross profit section of the income statement of a retail business shows how gross profit is figured. Electronic file 1040ez Income Statement Year Ended December 31, 2013 Gross receipts $400,000 Minus: Returns and allowances 14,940 Net receipts $385,060 Minus: Cost of goods sold 288,140 Gross profit $96,920   The cost of goods sold for this business is figured as follows: Inventory at beginning of year $37,845 Plus: Purchases $285,900   Minus: Items withdrawn for personal use 2,650 283,250 Goods available for sale $321,095 Minus: Inventory at end of year 32,955 Cost of goods sold $288,140 Items To Check Consider the following items before figuring your gross profit. Electronic file 1040ez Gross receipts. Electronic file 1040ez   At the end of each business day, make sure your records balance with your actual cash and credit receipts for the day. Electronic file 1040ez You may find it helpful to use cash registers to keep track of receipts. Electronic file 1040ez You should also use a proper invoicing system and keep a separate bank account for your business. Electronic file 1040ez Sales tax collected. Electronic file 1040ez   Check to make sure your records show the correct sales tax collected. Electronic file 1040ez   If you collect state and local sales taxes imposed on you as the seller of goods or services from the buyer, you must include the amount collected in gross receipts. Electronic file 1040ez   If you are required to collect state and local taxes imposed on the buyer and turn them over to state or local governments, you generally do not include these amounts in income. Electronic file 1040ez Inventory at beginning of year. Electronic file 1040ez   Compare this figure with last year's ending inventory. Electronic file 1040ez The two amounts should usually be the same. Electronic file 1040ez Purchases. 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Electronic file 1040ez A large difference between these percentages may show that you did not accurately figure sales, purchases, inventory, or other items of cost. Electronic file 1040ez You should determine the reason for the difference. Electronic file 1040ez Example. Electronic file 1040ez   Joe Able operates a retail business. Electronic file 1040ez On the average, he marks up his merchandise so that he will realize a gross profit of 331/3% on its sales. Electronic file 1040ez The net receipts (gross receipts minus returns and allowances) shown on his income statement is $300,000. Electronic file 1040ez His cost of goods sold is $200,000. Electronic file 1040ez This results in a gross profit of $100,000 ($300,000 − $200,000). Electronic file 1040ez To test the accuracy of this year's results, Joe divides gross profit ($100,000) by net receipts ($300,000). Electronic file 1040ez The resulting 331/3% confirms his markup percentage of 331/3%. 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