October 2005 - 1031 Tax Exchange Newsletter
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October 2005 - 1031 Tax Exchange Newsletter

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SB&OH EXCHANGE ACCOMMODATORS, LLC

ELECTRONIC NEWSLETTER
October 31, 2005

Hurricane Wilma Relief

The IRS has issued yet another hurricane notice (I.R. 2005-128) on October 27, 2005.  Once again, as with the prior notices, the Service is granting to “affected taxpayers” a postponement of time to file returns, pay taxes, and perform other time-sensitive acts listed in Treas. Reg. §301.7508A-1(d)(1).  As with Katrina and Rita, the extension runs until February 28, 2006. 

The twenty Florida counties included in the Federal Emergency Management Agency (FEMA) disaster area are: Brevard, Broward, Charlotte, Collier, DeSoto, Glades, Hardee, Hendry, Highlands, Indian River, Lee, Martin, Miami-Dade, Monroe, Okeechobee, Osceola, Palm Beach, Polk, St. Lucie and Sarasota.

Affected taxpayers include individuals who live in the covered disaster area as well as businesses located there.  Taxpayers not in the covered disaster area, but whose books, records, or tax professionals’ offices are in the covered disaster area, are also entitled to relief.  Additionally, relief workers working in the covered disaster area are eligible for relief.  Affected taxpayers will need to identify themselves by writing “Hurricane Wilma” on the top of their tax forms or other documents to be filed with the IRS in red ink.

The effective date of October 23, 2005 would be the date which an identification or 180 day exchange period would have to fall on or after in order to be eligible for the extension.