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Hurricane Katrina's victims get tax relief.(KATRINA RELIEF)
Kiplinger Tax Letter, The, September, 2005
Hurricane Katrina's victims get some generous tax relief:
They have until Jan. 3, 2006 to file and pay taxes, IRS says, for any return, payment or tax deposit that was due after Aug. 29, 2005.
And leave-donation programs for Katrina victims get IRS' blessing. Some firms let workers give the value of unused vacation days to charities that are helping hurricane victims. IRS says employees will not be taxed on the value of donated leave, but they can't deduct the donation, either. Employers can deduct the payments to the charities as a business expense. That treatment avoids the deduction limit on charitable contributions.
But IRS will play Scrooge with the standard mileage allowance.
The hike coming for 2006 won't take effect early,...
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