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Spencer Law Firm LLC
320 Race Ave
Lancaster, PA 17603

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Phone: 717.207.7935
Toll Free: 866.639.5451
Fax: 717.509.2018

Tax Relief for Victims of Hurricane Sandy

The IRS recently announced various forms of tax relief for victims of Hurricane Sandy.  The relief is available for affected taxpayers in Connecticut, New York, and New Jersey, though other locations may be added after further damage assessments by FEMA. 

According to the IRS notice, "the tax relief postpones various tax filing and payment deadlines that occurred starting in late October.  As a result, affected individuals and businesses will have until February 1, 2013, to file these returns and pay any taxes due.  This includes the fourth quarter individual estimated tax payment, normally due January 15, 2013.  It also includes 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.  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.  The IRS automatically provides this relief to any taxpayer located in the disaster area.  Taxpayers need not contact the IRS to get this relief.

Beyond the relief provided by law to taxpayers in the FEMA-designated 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 eligible for relief.  Taxpayers who live outside of the impacted area and think they may qualify for this relief need to contact the IRS at 866-562-5227.

In addition, 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 Nov. 26, if the deposits are made by Nov. 26, 2012.  Details on available relief can be found on the disaster relief page on IRS.gov."

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