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Extension to the Deadline for Filing the Form 5500 Series - DOL News Release
06-351-NAT
The U.S. Department of Labor's Employee Benefits Security Administration (EBSA) is again extending the deadline for filing the Form 5500 series annual returns/reports to August 28, 2006, for certain filers in Louisiana, Mississippi and Alabama. The new extension for reporting applies to plan administrators, employers and other entities affected by Hurricane Katrina and located in one or more parishes or counties listed in News Release 2006-30 dated February 17, 2006. The extension also applies to firms located outside the affected areas who are unable to obtain the necessary information from service providers, banks or insurance companies whose operations were located in the areas listed in News Release
2006-30 and affected by Hurricane Katrina.

IRS Issues Notice 2006-20 to Give Additional Postponement of Deadlines for Certain Taxpayers Affected by Hurricane Katrina
The IRS has issued Notice 2006-20 to supplement Notice 2005-73, News Release IR-2005-112,
Notice 2005-81 and Notice 2005-66 which under the authority of section 7508A, postponed until
February 28,2006, deadlines for certain taxpayers affected by Hurricane Katrina to perform the acts described in Notice 2005-73. Notice 2006-20 further postpones those deadlines through August 28, 2006 , for affected taxpayers. Please access the Notice using the link below.

www.irs.gov/pub/irs-drop/n-06-20.pdf

IRS Releases Publication 4492 Information for Taxpayers Affected by Hurricanes Katrina, Rita, and Wilma
The IRS has released Publication 4492, Information for Taxpayers Affected by Hurricanes Katrina, Rita, and Wilma. The publication explains the major provisions of the Katrina Emergency Tax Relief Act of 2005 and the Gulf Opportunity Zone Act of 2005.

www.irs.gov/pub/irs-pdf/p4492.pdf

Gulf Opportunity Zone Act (GOZA)
On December 21, 2004 , President Bush signed the Gulf Opportunity Zone Act (GOZA) of 2005 . GOZA will provide tax relief for the recovery of the regions of Louisiana , Mississippi and Alabama devastated by Hurricane Katrina. The bill also provides charitable giving incentives and tax relief to families and individuals affected by Hurricanes Rita and Wilma. This is similar to the relief already provided to the victims of Hurricane Katrina when Congress passed the Katrina Emergency Tax Relief Act. Please click the following links for more information.

www.irs.gov/newsroom/article/0,,id=152734,00.html

http://waysandmeans.house.gov/media/pdf/taxdocs/120605gozonesummary.pdf

IRS Releases Notice 2005-92 Providing Guidance On Katrina Legislation
The IRS has released Notice 2005-92 to offer guidance on the changes brought about by the Katrina Emergency Tax Relief Act of 2005 (KETRA). The Notice is broken down into sections to assist individual taxpayers and employers with retirement plans in applying the loan and distribution provisions within KETRA. The IRS also identified Form 8915 as the mechanism they will use to receive information from taxpayers. The Form 8915 should be available soon. Click the following link to view Notice 2005-92.

www.irs.gov/pub/irs-drop/n-05-92.pdf

Katrina Emergency Tax Relief Act of 2005 (KETRA)
Signed into law on September 23, 2005, by the President, the Katrina Emergency Tax Relief Act of 2005 (KETRA) provides for relief and incentives for those impacted by Hurricane Katrina. From a retirement fund perspective it allows individuals to take larger loans, penalty free distributions within certain limits, and to roll monies previously taken for home purchase/construction back to tax qualified accounts. The law also extends the dates for completing certain filings, tax payments and other time-sensitive acts to February 28, 2006 .

frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=109_cong_bills&docid=f:h3768enr.txt.pdf

IRS News Release 2005-122: Tax Favored Treatment For Early Distributions From IRAs And Other Retirement Plans For Victims Of Hurricane Katrina.
The IRS has released IR 2005-122 to summarize the Katrina Emergency Tax Relief Act of 2005 (KETRA). The release discusses penalty free distributions, new loan limits and recontributions and states that the IRS is working on Form 8915 for taxpayers to use. The release can be found here…

www.irs.gov/newsroom/article/0,,id=149669,00.html

IRS News Release 2005-112: Extended Filing Deadlines-Katrina
In IR 2005-112 the IRS summarized the provisions of IRS Notice 2005-73 and updates IRS News Release 2005-109. The IRS summarizes the deadline changes and incorporates the later February 28, 2006 deadline brought by the Katrina Emergency Tax Relief Act of 2005 (KETRA). This release also identifies covered areas.

www.irs.gov/newsroom/article/0,,id=148657,00.html

IRS Notice 2005-73: Extended Filing Deadlines - Katrina
In Notice 2005-73 the IRS provides information that summarizes and clarifies previous relief provided for extending deadlines for filings, tax payments and other time-sensitive acts. Also provided in this Notice is an appendix that lists the areas impacted.

www.irs.gov/pub/irs-drop/n-05-73.pdf

Revenue Procedure 2005-27: Identifies Transactions Covered Under
Notice 2005-73
Revenue Procedure 2005-27 provides guidance to the acts covered in Notice 2005-73

www.irs.ustreas.gov/pub/irs-drop/rp-05-27.pdf

IRS News Release 2005-110: Extended Filing Deadlines - Rita
In response to hurricane Rita the IRS has released IR 2005-110 to grant extensions of time to those impacted. The news release identifies those eligible for the relief and provides the extended time for filings, tax payments and other time-sensitive acts. The extended deadline is set at February 28, 2006 . The relief granted is similar to that of IRS Notice 2005-73 for hurricane Katrina.

www.irs.gov/newsroom/article/0,,id=148540,00.html

IRS Announcement 2005-70 : Loan And Hardship Relief, Documentation Relief
In IRS Announcement 2005-70 the IRS takes unprecedented steps to loosen some of the procedural requirements for accessing retirement dollars and liberalize access to hardship distributions and loans. Individuals are allowed access to the funds now without required documentation, although reasonable attempts should be made to assemble the necessary documentation later. IRA Owners may also experience the loosened procedural requirements when requesting from their IRA provider. Hardships and loans may be allowed for those impacted even if the plans do not currently allow, statutory restrictions will still apply, and plans may amend later for the provided emergency distributions.

www.irs.gov/pub/irs-drop/a-05-70.pdf

IRS News Release 2005-128: Extended Filing Deadlines – Wilma

In response to hurricane Wilma the IRS has released IR 2005-128 to grant extensions of time to those impacted. The news release identifies those eligible for the relief and provides the extended time for filings, tax payments and other time-sensitive acts. The extended deadline is set at February 28, 2006 . The relief granted is similar to that for hurricanes Katrina and Rita.