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The Spokesman-Review Newspaper
Spokane, Washington  Est. May 19, 1883

Irs Buys Time For Disaster Victims

From Staff And Wire Reports

Suddenly, the words “Washington Flood Disaster” and “Idaho Flood Disaster” have a silver lining.

The Internal Revenue Service on Tuesday announced several steps that will allow businesses and residents in much of the two states additional time to make tax payments or file forms.

In the case of deadlines that could not be extended, the agency will abate penalties that would otherwise be imposed for late filing.

Even enforcement activity takes a holiday, although only until Feb. 7.

The other extensions and stays expire Feb. 18.

In the Spokane area, the counties given relief include Spokane, Whitman, Ferry, Asotin, Garfield and Columbia in Washington, and Boundary, Bonner, Shoshone and Latah in Idaho.

If the president declares any of the counties covered by the IRS announcement disaster areas, taxpayers in those areas will be able to claim uninsured casualty losses on their tax returns in either the year in which the damage was suffered, or the prior year.

Refunds arrive sooner if the claim is taken in the prior year.

If you do not have copies of tax forms filed for a year ago, there are two ways to get them from the IRS. You can write the IRS Ogden Service Center; Photocopy Unit; MS 6734: P.O. Box 9941; Ogden, Utah; 84409-9941. Or send a faxed request to 1-801-620-6671.

And the words “Washington Flood Disaster” or “Idaho Flood Disaster” belong at the top of any return that requesting flood-related relief.

The IRS can also provide a Disaster Assistance Tax Kit by writing the Ogden address or calling 1-800-TAX-FORM. If writing, direct your letter to IRS Flood Disaster instead of the Photocopy Unit.

Wired seniors have access

Web savvy senior citizens can use the Internet to find support groups, contact lawmakers or locate services.

Some of the better sites, according to “Secure Retirement” magazine, are the Social Security Administration at www.ssa.gov/; the Health Care Financing Administration at www.hcfa.gov/; the Administration on Aging at www.aoa.dhhs.gov/aoa/pages/ aoa.html; the Interactive Aging Network at www.ianet.org/; and Setting Priorities for Retirement Years, a non-profit foundation for seniors, at www.spry.org/.

For an overview of what’s available to seniors in Cyberspace check Senior.Com at www.senior.com/.

Avoid the planner ‘name game’

Are you shopping for a financial adviser?

The Consumer Federation of America and the National Institute for Consumer Education have published a brochure, “Don’t Get Burned by the Financial Planner ‘Name Game’.”

The 15-page brochure says its aim is to help consumers distinguish between financial advisers “who are really salespeople, and those who actually provide objective advice.”

The groups say that most financial advisers get some or all of their income by selling variable annuities, mutual funds, insurance and other products to clients.

But advisers who are also salespeople “inevitably face a conflict of interest and will almost certainly be tempted to steer clients into products in which they have a financial interest,” the groups assert.

The brochure offers tips on how to interview advisers, and where to go for more information before you choose an adviser, including how to find out whether an adviser has faced complaints, lawsuits or regulatory penalties. The brochure is being distributed by the National Association of Personal Financial Advisors, an organization of fee-only financial planners. For your free copy, call toll-free at 1-888-333-6659.

Magazine IDs winners, dogs

The online site for Mutual Funds Magazine has launched a “Fund of the Day” and “Dog of the Day” feature that provides an instant analysis of the day’s best and worst performing fund. Click the “Guests” icon at www.mfmag.com.

, DataTimes