Find information on disaster-related filing extensions, FAQs and more at www.revenue.louisiana.gov/flood...Continue Reading
BATON ROUGE – Louisiana taxpayers can find FAQs about the tax implications of disaster recovery along with information about flood-related filing and payment extensions at www.revenue.louisiana.gov/flood.
There are potentially significant tax implications involved in the process of recovering from storms and flooding that struck our state this month. The list of frequently asked questions includes topics such as the tax deductibility of donations made and received through GoFundMe and similar websites, the types of records to retain for tax purposes, and the potential taxability of certain types of FEMA payments.
In addition to these FAQs, taxpayers can find information about tax filing and payment extensions for people whose homes, principal places of business and critical tax records are in parts of the state declared federal disaster areas. For tax returns and payments submitted by the extended deadline, LDR will waive any late filing penalties, late payment penalties and interest that would otherwise apply.
More information will be added to www.revenue.louisiana.gov/flood as it becomes available.