Late last week, the IRS updated its filing and payment requirements for victims of Hurricane Sandy in an attempt to bring more tax relief to more people. I initially blogged about the IRS providing tax help to hurricane victims by extended filing and payment requirements for business owners and their tax preparers. Since then, the IRS has more broadly extended its tax relief efforts based on the Federal Emergency Management Agency (FEMA) disaster declarations as it became clear more taxpayers were in need of more IRS tax help.
The November 2, 2012 IRS bulletin stated that affected taxpayers in Connecticut, New Jersey and New York have had their return filing and tax payment deadline extended to Feb. 1, 2013 automatically by the IRS; taxpayers do not need to contact the IRS to participate. During this time, any interest, late-payment or late-filing IRS penalty will be abated.
This includes the following returns:
- Fourth quarter individual estimated tax payment.
- Payroll and excise tax returns and accompanying payments for the third and fourth quarters.
- Tax-exempt organizations who are required to file Form 990 series returns.
The IRS is also waiving failure-to-deposit penalties for federal payroll and excise tax deposits if the deposits are made by Nov. 26, 2012.
IRS relief is also eligible to the following people:
- Taxpayers living outside the FEMA designated disaster area whose books, records or tax professional were affected by Hurricane Sandy.
- Workers who are assisting in relief efforts within the affected disaster areas who are affiliated with a recognized government or philanthropic organization.
Taxpayers who live outside the impacted area and who believe they may qualify for IRS tax relief are encouraged to contact the IRS at 866-562-5227. Note: you WILL be required to contact the IRS about your tax matter and will want to do so to prevent any IRS problems from occurring.
More details and information are on available on the disaster relief page on IRS.gov.
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