June 21, 2006 – The IRS has released Notice 2006-56, which grants certain Hurricane Katrina victims an extension to October 16, 2006, to file 2004 or 2005 individual income tax returns. The 2004 individual income tax return filers who prior to the hurricane events had applied to the IRS for a filing extension were subsequently granted a Hurricane Katrina extension under Notice 2006-20, to August 28, 2006. Notice 2006-56 now grants these persons an extension to October 16, 2006, to file their 2004 individual income tax returns. In addition, affected 2005 individual income tax filers who were also granted an extension under Notice 2006-20 are now similarly granted a filing extension to October 16, 2006.
Affected 2005 individual income tax return filers may also make IRA contributions for tax year 2005 up to their new tax filing deadline of October 16, 2006. Please note, however, that Notice 2006-56 does not provide the broad relief granted by Notice 2006-20 (March 2006) for the completion of many other time-sensitive tax-related acts under Treas. Reg. 301.7508A, such as completion of rollovers, taking required minimum distributions, etc.
The IRS news release that describes the new guidance (IR-2006-96) and Notice 2006-56 may be accessed as follows.