IRS Extends Hurricane Sandy Tax Relief

by Mike Godfrey, Tax-News.com, Washington

06 February 2013

In the aftermath of Hurricane Sandy, the United States Internal Revenue Service (IRS) has announced additional tax relief to affected individuals and businesses, postponing various tax filing and payment deadlines.

As a result, affected individuals and businesses will have until April 1, 2013, to file their returns and pay any taxes due. This includes the fourth quarter individual estimated tax payment, normally due on January 15, 2013, payroll and excise tax returns and accompanying payments for the third and fourth quarters, normally due on October 31, 2012 and January 31, 2013 respectively; and calendar year corporate income tax returns due on March 15, 2013.

It also applies to tax-exempt organizations required to file Form 990 series returns with an original or extended deadline falling during this period.

The IRS will abate any interest, late-payment or late-filing penalty that would otherwise apply. It automatically provides this relief to any taxpayer located in the disaster area - Monmouth and Ocean counties in New Jersey, and Nassau, Queens, Richmond and Suffolk counties in New York. Taxpayers need not contact the IRS to get this relief.

Beyond the relief provided by law to taxpayers in those counties, the IRS will work with any taxpayer who resides outside the disaster area but whose books, records or tax professional are located in the areas affected by Hurricane Sandy. All workers assisting the relief activities in the covered disaster areas who are affiliated with a recognized government or philanthropic organization are also eligible for relief.

In addition, the IRS has announced that Taxpayer Assistance Centers in several New York and New Jersey locations will be open additional hours to provide help to taxpayers impacted by Hurricane Sandy.