Thelatest word from the IRS on relief for victims of SANDY -
“Followingrecent disaster declarations for individual assistance issued by the FederalEmergency Management Agency, the IRS announced today that affected taxpayers inConnecticut, New Jersey and New York will receive tax relief. Other locationsmay be added in coming days based on additional damage assessments by FEMA.
Thetax relief postpones various tax filing and payment deadlines that occurredstarting in late October. As a result, affected individuals and businesses willhave until Feb. 1, 2013 to file these returns and pay any taxes due. Thisincludes the fourth quarter individual estimated tax payment, normally due Jan.15, 2013. It also includes payroll and excise tax returns and accompanyingpayments for the third and fourth quarters, normally due on Oct. 31, 2012 andJan. 31, 2013 respectively. It also applies to tax-exempt organizationsrequired to file Form 990 series returns with an original or extended deadlinefalling during this period.
TheIRS will abate any interest, late-payment or late-filing penalty that wouldotherwise apply. The IRS automatically provides this relief to any taxpayerlocated in the disaster area. Taxpayers need not contact the IRS to get thisrelief.
Beyondthe relief provided by law to taxpayers in the FEMA-designated counties, theIRS will work with any taxpayer who resides outside the disaster area but whosebooks, records or tax professional are located in the areas affected byHurricane Sandy. All workers assisting the relief activities in the covereddisaster areas who are affiliated with a recognized government or philanthropicorganization are eligible for relief. Taxpayers who live outside of the impacted area and think they mayqualify for this relief need to contact the IRS at 866-562-5227.
Inaddition, the IRS is waiving failure-to-deposit penalties for federal payrolland excise tax deposits normally due on or after the disaster area start dateand before Nov. 26, if the deposits are made by Nov. 26, 2012. Details onavailable relief can be found on the disaster relief page on IRS.gov.
Sofar, IRS filing and payment relief applies to the following localities:
InConnecticut (starting Oct. 27): Fairfield, Middlesex, New Haven, and New LondonCounties and the Mashantucket Pequot Tribal Nation and Mohegan Tribal Nationlocated within New London County;
InNew Jersey (starting Oct. 26): Atlantic, Bergen, Cape May, Essex, Hudson,Middlesex, Monmouth, Ocean, Somerset and Union;
InNew York (starting Oct. 27): Bronx, Kings, Nassau, New York, Queens, Richmond,Rockland, Suffolk and Westchester.”
TTFN
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