Articles

November 7, 2012

The IRS and Various States Provide Tax Relief Relating to Hurricane Sandy

The IRS has made special provisions available for people affected by Hurricane Sandy.

The following tax filing and payment deadlines have been postponed until Feb. 1, 2013 for the counties of States that have been federally declared as disaster areas. Late-filing and paying penalties, along with related interest charges, will be waived:

  • For self-employed individuals, fourth quarter Estimated Tax Payments, normally due January 15 of the following calendar year
  • Third and fourth quarter Form 941 payroll returns and payments, normally due October 31 and January 31, respectively
  • Excise tax returns and payments; same due dates as above
  • Any Form 990 that would be due from October until the end of the year. A nonprofit organization's filing date is determined by the end of its fiscal year.
  • Failure to deposit penalties will be waived as long as those deposits are made by November 26

The IRS has created a centralized web page on their site where victims of Hurricane Sandy can find guidance:
http://www.irs.gov/uac/Newsroom/Help-for-Victims-of-Hurricane-Sandy

IRS Declaration of Extension:
IRS Gives Additional Time to Taxpayers Affected by Hurricane Sandy

States:
As of November 5th, several state taxing authorities have extended various deadlines. Please click on name of state below for specific information:

California
Connecticut
Iowa
New Jersey
New York
Pennsylvania (Once at this site, please click to open the 10/31/12 article "Departments of Revenue, Labor & Industry Extend State Tax, Unemployment Compensation Tax Deadlines for Employers Impacted by Hurricane Sandy")
Rhode Island
Virginia

If you have questions on Hurricane Sandy tax relief, please contact your Wiss professional. Thank you.