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  • IRS Grants Tax Relief for Hurricane Sandy Victims

    Wednesday 07th of November 2012 12:11:55 PM

    In the wake of the aftermath of Hurricane Sandy, the Internal Revenue Service (IRS) has extended tax relief to the victims affected by this tragedy, both individual and business.

    Recently the Federal Emergency Management Agency (FEMA) declared disaster assistance to affected taxpayers of Connecticut, New Jersey and New York. The IRS has approved and will provide tax relief. Depending on damages (assessed by FEMA) additional locations may be added.

    As part of the tax relief, the IRS has approved postponement for various filing and payment deadlines that came about late October, thus, allowing taxpayers until February 1, 2013 to file any outstanding returns and make payments of taxes due. Also, 4th quarter tax payments that are regularly due January 15, 2013 may be extended to the new due date. In addition, payroll and excise tax returns as well as any payments due for the 3rd and 4th quarters that would have been due October 31, 2012 and January 31, 2013 have also been extended.

    The IRS has also graciously lifted any penalty for late payment or any interest due as a result of the tax relief. To receive this relief the IRS will automatically extend the relief and no calls need to be made to the IRS.

    If your business is the affected area, the IRS will also work with those taxpayers even if they don’t live in the areas affected by Hurricane Sandy. Also, workers that are assisting with Hurricane Sandy aftermath and are associated with an acclaimed humanitarian or government institute are eligible for tax relief. Additionally, failure to deposit penalties associated with federal payroll and excise tax deposits will be waived by the IRS if said deposits are made by November 26, 2012.

    For more information on disaster relief and tax relief please visit www.disasterassistance.gov and www.irs.gov/uac/Tax-Relief-in-Disaster-Situations

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