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On March 19, 2008, the President declared the State of Missouri as a disaster area with certain counties determined by the Federal Emergency Management Agency ("FEMA") to be eligible for Individual Assistance. FEMA designated 35 counties (including St. Louis, Jefferson and Franklin; not including St. Charles County or the independent City of St. Louis) to be eligible for Individual Assistance. These counties are collectively referred to as the "IRS Designated Disaster Area." The Internal Revenue Service ("IRS") issued a notice on April 1, 2008 stating that certain victims of storms and flooding in Missouri may qualify for tax relief.

Affected taxpayers are those whose principal residence or principal place of business is located in the IRS Designated Disaster Area, taxpayers whose books or tax records or whose tax professional's offices (e.g., RubinBrown LLP's Clayton, Missouri office) are located in the IRS Designated Disaster Area, are granted additional time until May 19, 2008 to file their 2007 income tax returns and pay their income tax. This also includes paying 2008 first quarter estimated tax payments.

This includes any return of income tax (e.g., individual, corporate, including "S" corporation, estate and trust income tax returns), estate, gift, and generation-skipping transfer tax returns; partnership income tax returns; employment and certain excise tax returns. The extension of time does not apply to information returns in the W-2, 1098, 1099, or 5498 series; to Forms 1042-S or 8027; or to employment and excise tax deposits.

If you do not reside in one of the counties identified on the IRS announcement, but wish to take advantage of the additional time to file and pay your taxes, you must call 1-866-562-5227 and "self identify," to request relief. Penalties for failure to file and failure to pay and interest should be abated automatically for qualified taxpayers. However, IRS Customer Service Representatives will abate penalties and interest for affected taxpayers located outside the Designated Disaster Area who call and self-identify.

On April 4, 2008, Lt. Governor Kinder and the Missouri Department of Revenue announced that the Department will follow the tax deadline extensions approved by the IRS. Missouri taxpayers who qualify need to indicate their eligibility for relief by including the phrase "Missouri Severe Storms and Flooding" at the top of their tax forms, so the Department may take appropriate action.

For more detailed information, visit http://www.irs.gov and http://www.ltgov.mo.gov.

If you have questions or concerns regarding your personal situation, please contact us at 314.290.3300.