How do the revised rules in the Bipartisan Budget Act of 2015 affect you and your business?
The Internal Revenue Service has given taxpayers in Boulder, Broomfield, Larimer and Weld counties – along with 16 other Colorado counties affected by the flood – until Oct. 15 to decide when to claim flood damage. They otherwise would have had to decide by April 15 whether to claim the losses on their 2013 or 2012 federal tax returns – a decision driven by the amount of tax savings they might receive.
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Those who miss the October deadline will still be permitted to claim flood-damage losses on their 2013 returns, but not their 2012 forms.
Uninsured or unreimbursed losses from flooding, landslides, mudslides or severe storms from Sept. 11-30 are eligible.
The other counties included in the extension are Adams, Arapahoe, Clear Creek, Crowley, Denver, El Paso, Fremont, Gilpin, Jefferson, Lake, Lincoln, Logan, Morgan, Pueblo, Sedgwick and Washington.