Wednesday, March 26, 2014

IRS Extends Deadline For Deducting Colorado Disaster-Related Losses

Notice 2014-20, 2014-15 IRB, IR 2014-35
In a Notice, IRS has given Colorado flood victims an extension until Oct. 15, 2014 to decide whether to claim disaster losses arising from last September’s flooding on either their 2012 or 2013 returns. Without this extension, these taxpayers would have had to make this decision by the original due date for their 2013 return (typically April 15). . .