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The IRS recently announced that certain parts of Montana and North Dakota have been designated federal disaster areas as a result of severe storms and flooding. Taxpayers in the federally-designated areas are granted relief from penalties associated with various return filing and tax payment deadlines and may elect to claim disaster-related casualty losses on their federal tax returns for 2010, rather than waiting to claim the losses on their 2011 tax returns. Affected taxpayers claiming the disaster loss on their 2010 tax returns should put the Disaster Designation, “Montana/Severe Storms and Flooding,” at the top of the Form 4684, Casualties and Thefts, so that the IRS can expedite the processing of the refund. This includes taxpayers who reside or own a business in the Barnes, Benson, Burleigh, McHenry, Morton, Ramsey, Renville, Richland, and Ward counties and Spirit Lake Nation of North Dakota.

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