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Filing A 1040x

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Filing A 1040x

Filing a 1040x Publication 595 - Introductory Material Table of Contents Introduction Important Reminder Introduction This publication discusses the Capital Construction Fund (CCF). Filing a 1040x The CCF is a special investment program administered by the National Marine Fisheries Service (NMFS) and the Internal Revenue Service (IRS). Filing a 1040x This program allows fishermen to defer paying income tax on certain income they invest in a CCF account and later use to acquire, build, or rebuild fishing vessels. Filing a 1040x This publication does not discuss all the tax rules that may apply to your fishing trade or business. Filing a 1040x For general information about the federal tax laws that apply to individuals, including commercial fishermen, who file Schedule C or C-EZ, see Publication 334, Tax Guide for Small Business. Filing a 1040x If your trade or business is a partnership or corporation, see Publication 541, Partnerships, or Publication 542, Corporations. Filing a 1040x Comments and suggestions. Filing a 1040x   We welcome your comments about this publication and your suggestions for future editions. Filing a 1040x   You can email us at *taxforms@irs. Filing a 1040x gov. Filing a 1040x Please put “Publications Comment” on the subject line. Filing a 1040x   You can write to us at the following address: Internal Revenue Service Business Forms and Publications Branch SE:W:CAR:MP:T:B 1111 Constitution Ave. Filing a 1040x NW, IR-6406 Washington, DC 20224   We respond to many letters by telephone. Filing a 1040x Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Filing a 1040x Important Reminder Photographs of missing children. Filing a 1040x  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Filing a 1040x Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Filing a 1040x You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. Filing a 1040x Prev  Up  Next   Home   More Online Publications
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Tax Relief for Victims of Tropical Storm Irene in Massachusetts

E-file to Remain Open through Oct. 31 for Irene Victims

Sept. 6, 2011

BOSTON — Victims of Tropical Storm Irene that began on Aug. 27, 2011, in Massachusetts may qualify for tax relief from the Internal Revenue Service.

The President has declared the following counties a federal disaster area: Berkshire and Franklin. 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 Aug. 27, and on or before Oct. 31, have been postponed to Oct. 31, 2011. This includes corporations and other businesses that previously obtained an extension until Sept. 15 to file their 2010 returns, and individuals and businesses that received a similar extension until Oct. 17. It also includes the estimated tax payment for the third quarter, normally due Sept. 15.

In addition, the IRS is waiving the failure-to-deposit penalties for employment and excise tax deposits due on or after Aug. 27, and on or before Sept. 12, as long as the deposits are made by Sept. 12, 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 Oct. 31 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 Aug. 27 and on or before Oct. 31.

The IRS also gives affected taxpayers until Oct. 31 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 Aug. 27 and on or before Oct. 31.

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 Aug. 27 and on or before Sept. 12 provided the taxpayer makes these deposits by Sept. 12.

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 “Massachusetts/Tropical Storm Irene” 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 this 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.

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Page Last Reviewed or Updated: 20-Feb-2014

The Filing A 1040x

Filing a 1040x Publication 946 - Additional Material Table of Contents Appendix B — Table of Class Lives and Recovery PeriodsHow To Use the Tables This image is too large to be displayed in the current screen. Filing a 1040x Please click the link to view the image. Filing a 1040x Appendix A Please click here for the text description of the image. Filing a 1040x Table A-1 and A-2 Please click here for the text description of the image. Filing a 1040x Table A-3 and A-4 Please click here for the text description of the image. Filing a 1040x Table A-5 and A-6 This image is too large to be displayed in the current screen. Filing a 1040x Please click the link to view the image. Filing a 1040x Table A-7 This image is too large to be displayed in the current screen. Filing a 1040x Please click the link to view the image. Filing a 1040x Table A-8 This image is too large to be displayed in the current screen. Filing a 1040x Please click the link to view the image. Filing a 1040x Table A-8 (continued) This image is too large to be displayed in the current screen. Filing a 1040x Please click the link to view the image. Filing a 1040x Table A-9 This image is too large to be displayed in the current screen. Filing a 1040x Please click the link to view the image. Filing a 1040x Table A-9 (continued) This image is too large to be displayed in the current screen. Filing a 1040x Please click the link to view the image. Filing a 1040x Table A-10 This image is too large to be displayed in the current screen. Filing a 1040x Please click the link to view the image. Filing a 1040x Table A–10 (continued) This image is too large to be displayed in the current screen. Filing a 1040x Please click the link to view the image. Filing a 1040x Table A-11 Please click here for the text description of the image. Filing a 1040x Table A-11 (continued) This image is too large to be displayed in the current screen. Filing a 1040x Please click the link to view the image. Filing a 1040x Table A-12 This image is too large to be displayed in the current screen. Filing a 1040x Please click the link to view the image. Filing a 1040x Table A-12 (continued) This image is too large to be displayed in the current screen. Filing a 1040x Please click the link to view the image. Filing a 1040x Table A-13, A-14 and A-14 (continued. Filing a 1040x 1) Please click here for the text description of the image. Filing a 1040x Table A-14 (continued. Filing a 1040x 2) Please click here for the text description of the image. Filing a 1040x Table A-15 Please click here for the text description of the image. Filing a 1040x Table A-15 (continued) Please click here for the text description of the image. Filing a 1040x Table A-16 Please click here for the text description of the image. Filing a 1040x Table A-16 (continued) This image is too large to be displayed in the current screen. Filing a 1040x Please click the link to view the image. Filing a 1040x Table A-17 Please click here for the text description of the image. Filing a 1040x Table A-17 (continued) Please click here for the text description of the image. Filing a 1040x Table A-18 This image is too large to be displayed in the current screen. Filing a 1040x Please click the link to view the image. Filing a 1040x Table A-18 (continued) This image is too large to be displayed in the current screen. Filing a 1040x Please click the link to view the image. Filing a 1040x Table A-19 and Table A-20 Please click here for the text description of the image. Filing a 1040x Quality Indian Reservation Property Tables Please click here for the text description of the image. Filing a 1040x Qualified Indian Reservation Property Tables 2 Appendix B — Table of Class Lives and Recovery Periods The Table of Class Lives and Recovery Periods has two sections. Filing a 1040x The first section, Specific Depreciable Assets Used In All Business Activities, Except As Noted, generally lists assets used in all business activities. Filing a 1040x It is shown as Table B-1. Filing a 1040x The second section, Depreciable Assets Used In The Following Activities, describes assets used only in certain activities. Filing a 1040x It is shown as Table B-2. Filing a 1040x How To Use the Tables You will need to look at both Table B-1 and B-2 to find the correct recovery period. Filing a 1040x Generally, if the property is listed in Table B-1 you use the recovery period shown in that table. Filing a 1040x However, if the property is specifically listed in Table B-2 under the type of activity in which it is used, you use the recovery period listed under the activity in that table. Filing a 1040x Use the tables in the order shown below to determine the recovery period of your depreciable property. Filing a 1040x Table B-1. Filing a 1040x   Check Table B-1 for a description of the property. Filing a 1040x If it is described in Table B-1, also check Table B-2 to find the activity in which the property is being used. Filing a 1040x If the activity is described in Table B-2, read the text (if any) under the title to determine if the property is specifically included in that asset class. Filing a 1040x If it is, use the recovery period shown in the appropriate column of Table B-2 following the description of the activity. Filing a 1040x If the activity is not described in Table B-2 or if the activity is described but the property either is not specifically included in or is specifically excluded from that asset class, then use the recovery period shown in the appropriate column following the description of the property in Table B-1. Filing a 1040x Tax-exempt use property subject to a lease. Filing a 1040x   The recovery period for ADS cannot be less than 125 percent of the lease term for any property leased under a leasing arrangement to a tax-exempt organization, governmental unit, or foreign person or entity (other than a partnership). Filing a 1040x Table B-2. Filing a 1040x   If the property is not listed in Table B-1, check Table B-2 to find the activity in which the property is being used and use the recovery period shown in the appropriate column following the description. Filing a 1040x Property not in either table. Filing a 1040x   If the activity or the property is not included in either table, check the end of Table B-2 to find Certain Property for Which Recovery Periods Assigned. Filing a 1040x This property generally has a recovery period of 7 years for GDS or 12 years for ADS. Filing a 1040x See Which Property Class Applies Under GDS and Which Recovery Period Applies in chapter 4 for the class lives or the recovery periods for GDS and ADS for the following. Filing a 1040x Residential rental property and nonresidential real property (also see Appendix A, Chart 2). Filing a 1040x Qualified rent-to-own property. Filing a 1040x A motorsport entertainment complex placed in service before January 1, 2014. Filing a 1040x Any retail motor fuels outlet. Filing a 1040x Any qualified leasehold improvement property placed in service before January 1, 2014. Filing a 1040x Any qualified restaurant property placed in service before January 1, 2014. Filing a 1040x Initial clearing and grading land improvements for gas utility property and electric utility transmission and distribution plants. Filing a 1040x Any water utility property. Filing a 1040x Certain electric transmission property used in the transmission at 69 or more kilovolts of electricity for sale and placed in service after April 11, 2005. Filing a 1040x Natural gas gathering and distribution lines placed in service after April 11, 2005. Filing a 1040x Example 1. Filing a 1040x Richard Green is a paper manufacturer. Filing a 1040x During the year, he made substantial improvements to the land on which his paper plant is located. Filing a 1040x He checks Table B-1 and finds land improvements under asset class 00. Filing a 1040x 3. Filing a 1040x He then checks Table B-2 and finds his activity, paper manufacturing, under asset class 26. Filing a 1040x 1, Manufacture of Pulp and Paper. Filing a 1040x He uses the recovery period under this asset class because it specifically includes land improvements. Filing a 1040x The land improvements have a 13-year class life and a 7-year recovery period for GDS. Filing a 1040x If he elects to use ADS, the recovery period is 13 years. Filing a 1040x If Richard only looked at Table B-1, he would select asset class 00. Filing a 1040x 3, Land Improvements, and incorrectly use a recovery period of 15 years for GDS or 20 years for ADS. Filing a 1040x Example 2. Filing a 1040x Sam Plower produces rubber products. Filing a 1040x During the year, he made substantial improvements to the land on which his rubber plant is located. Filing a 1040x He checks Table B-1 and finds land improvements under asset class 00. Filing a 1040x 3. Filing a 1040x He then checks Table B-2 and finds his activity, producing rubber products, under asset class 30. Filing a 1040x 1, Manufacture of Rubber Products. Filing a 1040x Reading the headings and descriptions under asset class 30. Filing a 1040x 1, Sam finds that it does not include land improvements. Filing a 1040x Therefore, Sam uses the recovery period under asset class 00. Filing a 1040x 3. Filing a 1040x The land improvements have a 20-year class life and a 15-year recovery period for GDS. Filing a 1040x If he elects to use ADS, the recovery period is 20 years. Filing a 1040x Example 3. Filing a 1040x Pam Martin owns a retail clothing store. Filing a 1040x During the year, she purchased a desk and a cash register for use in her business. Filing a 1040x She checks Table B-1 and finds office furniture under asset class 00. Filing a 1040x 11. Filing a 1040x Cash registers are not listed in any of the asset classes in Table B-1. Filing a 1040x She then checks Table B-2 and finds her activity, retail store, under asset class 57. Filing a 1040x 0, Distributive Trades and Services, which includes assets used in wholesale and retail trade. Filing a 1040x This asset class does not specifically list office furniture or a cash register. Filing a 1040x She looks back at Table B-1 and uses asset class 00. Filing a 1040x 11 for the desk. Filing a 1040x The desk has a 10-year class life and a 7-year recovery period for GDS. Filing a 1040x If she elects to use ADS, the recovery period is 10 years. Filing a 1040x For the cash register, she uses asset class 57. Filing a 1040x 0 because cash registers are not listed in Table B-1 but it is an asset used in her retail business. Filing a 1040x The cash register has a 9-year class life and a 5-year recovery period for GDS. Filing a 1040x If she elects to use the ADS method, the recovery period is 9 years. Filing a 1040x This image is too large to be displayed in the current screen. Filing a 1040x Please click the link to view the image. Filing a 1040x Table B-1 Please click here for the text description of the image. Filing a 1040x Table B-2 This image is too large to be displayed in the current screen. Filing a 1040x Please click the link to view the image. Filing a 1040x Table B-2 This image is too large to be displayed in the current screen. Filing a 1040x Please click the link to view the image. Filing a 1040x Table B-2 This image is too large to be displayed in the current screen. Filing a 1040x Please click the link to view the image. Filing a 1040x Table B-2 This image is too large to be displayed in the current screen. Filing a 1040x Please click the link to view the image. Filing a 1040x Table B-2 This image is too large to be displayed in the current screen. Filing a 1040x Please click the link to view the image. Filing a 1040x Table B-2 This image is too large to be displayed in the current screen. Filing a 1040x Please click the link to view the image. Filing a 1040x Table B-2 This image is too large to be displayed in the current screen. Filing a 1040x Please click the link to view the image. Filing a 1040x Table B-2 This image is too large to be displayed in the current screen. Filing a 1040x Please click the link to view the image. Filing a 1040x Table B-2 Tax Publications for Business Taxpayers Prev  Up  Next   Home   More Online Publications