FOR IMMEDIATE RELEASE: April 9, 1997
CONTACT: Dana Hagerty 202/225-2165
WASHINGTON, DC -- Congressman Collin C. Peterson (DFL-7th District) has been assured that the same tax relief recently granted to North Dakota and South Dakota by the Internal Revenue Service (IRS) does apply to the counties in Minnesota that have been declared Presidential Disaster Areas.
"Those dealing with the floods in the Minnesota have enough to deal with right now without having to remember that their taxes are due next week," Peterson said. "Not only that, but many people can't even get to their records in order to file their taxes."
Taxpayers in the Minnesota counties that have been declared disaster areas due to the flooding have until May 30, 1997 to file and pay their taxes. However, according to the IRS, interest must be charged from the original due date until the tax is paid.
The same tax relief granted to North Dakota and South Dakota applies to the Minnesota counties declared disaster areas:
taxpayers who have an estimated tax installment due April 15 will not be penalized if that payment is made by May 30, 1997.
the IRS cannot extend the deadline for employment or excise tax deposit, but it will abate penalties on tax deposits due during April if the undeposited taxes are deposited no later than April 30, 1997.
the IRS will suspend examination and collection activities through May 15 for all adversely affected taxpayers within the disaster areas.
When Minnesota taxpayers who are relying on flood-related relief send in their taxes, they should put the words "97 FLOODS" or something like that on the top of their return.
In addition, Minnesota State tax returns can also be filed by May 30, 1997 for those taxpayers in counties declared disaster areas. By law, interest must be charged from the original due date until the tax is paid. However, the Minnesota Commissioner of Revenue is looking into other options.