IRS announces Storm Sandy relief
The IRS, which earlier extended filing deadlines for returns due on October 31, has announced additional tax relief for individuals and businesses affected by Hurricane Sandy. This includes postponement of various filing and payment deadlines that occurred starting in late October. Affected individuals will have until February 1, 2013, to file returns or make payments. This includes fourth-quarter individual estimated tax payments normally due on 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.
The IRS will abate any interest, late-payment or late-filing penalty that would otherwise apply. This will be done automatically and taxpayers need not contact the IRS for this purpose. The IRS is also waiving failure-to-deposit penalties for federal payroll and excise tax deposits normally due on or after the disaster start date and before November 26, if the deposits are made by November 26, 2012.
The relief applies to:
- Connecticut, beginning October 27 - counties of Fairfield, Middlesex, New Haven, and New London and the Mashantucket Pequot Tribal Nation and Mohegan Tribal Nation located within New London County
- New Jersey, beginning October 26 - counties of Atlantic, Bergen, Cape May, Essex, Hudson, Middlesex, Monmouth, Ocean, Somerset and Union
- New York, beginning October 27 - counties of Bronx, Kings, Nassau, New York, Queens, Richmond, Rockland, Suffolk and Westchester. (IRS Press Release, November 5, 2012.)