IRS Extends Tax Deadlines for Hurricane Sandy Victims
“The IRS has extended time to make tax payments and file returns of taxpayers in counties that have been designated as federal disaster areas qualifying for individual assistance. Affected taxpayers … would include any person whose principal residence … is located in the counties designated as disaster areas.” (Fein Such)
Finally, some good news for victims of Hurricane Sandy: the IRS recently extended the filing and payment deadlines for taxpayers affected by the superstorm.
Three things you should know:
1. Filings and payments are due in February 2013:
“[A]ffected individuals and businesses will have until February 1, 2013 to file these returns and pay any taxes due. This also includes fourth quarter individual estimated tax payments, normally due Jan. 15, 2013, payroll and excise tax returns and accompanying payments for the third and fourth quarters, normally due on Oct. 31, 2012 and Jan. 31, 2013, respectively, and it applies to tax-exempt organizations required to file Form 990 series returns with an original or extended deadline falling during this period.” (Cole Schotz)
2. Late penalties and interest will be waived:
“Additionally, the IRS will abate any interest, late-payment or late-filing penalty that would otherwise apply. Also, the IRS is waiving failure-to-deposit penalties for federal payroll and excise tax deposits normally due on or after the disaster area start date and before November 26, if the deposits are made by November 26, 2012.” (Schnader)
3. Taxpayers who live outside affected areas may still be eligible for relief:
“The IRS also announced it is willing to work with any taxpayer who resides outside the disaster area but whose books, records or tax professional are located in affected areas. Also, all workers assisting the relief activities in the covered disaster areas who are affiliated with a recognized government or philanthropic organization are eligible for relief.” (Fox Rothschild)
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Read all about it:
- IRS Provides Tax Relief to Victims of Hurricane Sandy; Return Filing and Tax Payment Deadline Extended to Feb. 1, 2013 - Cole Schotz
- Tax Relief for Hurricane Sandy Victims - Schnader Harrison Segal & Lewis LLP
- Tax Considerations in the Wake of Hurricane Sandy - Fox Rothschild
- Hurricane Sandy Extensions of IRS Time to File - Fein, Such, Kahn & Shepard, P.C.
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Related reading:
- Taxpayers Affected by Hurricane Sandy Could Be Penalized Under the “Repair Regulations” - McDermott Will & Emery
- Superstorm Sandy Damage Means Substantial Real Property Tax Relief May Now be in Order - Cole Schotz
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