The Treasury Department, Internal Revenue Service, and the Securities and Exchange Commission are providing tax breaks and regulatory relief to those individuals and companies affected by Hurricane Katrina.
The IRS has extended the September tax filing and payment deadlines until October 31 for those areas ravaged by Katrina, which includes 31 parishes in Louisiana, 15 counties in Mississippi, three counties in Alabama, and some parts of Florida. The tax relief includes the September 15 due date for estimated taxes and for calendar-year corporate returns with automatic extensions.
The IRS has also relaxed income requirements for low-income housing “so that victims of Hurricane Katrina can take refuge in any housing available regardless of income,” Treasury Secretary John Snow said in recent speech. He also said Treasury is working to ensure the Postal Service is running smoothly and that those affected continue to receive their Social Security checks on time.