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Small Business: WTC-related tax breaks available; A kinder IRS eases filing pain with a disaster relief program.(Brief Article)

Crain's New York Business, January, 2002 by Ende, Jean

After 16 years of seeing patients in an office across Liberty Street from the World Trade Center, Dr. Steven Zalaznick needs an armed guard just to enter the heavily damaged building to collect his records. The optometrist is operating out of a borrowed office in midtown and still trying to put his practice back together; the last thing he has time for right now is taxes.

Fortunately, his accountant gave him good news: Taxwise, at least, everything was under control. He was told that he had two years to relocate in order to avoid paying income taxes on his insurance settlement, and that since he would have little income in the last three months of 2001, his quarterly estimated tax payments would be adjusted to improve his cash flow. The Internal Revenue...

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