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Hurricane Sandy Tax Relief

The IRS has postponed various tax filings and payment deadlines beginning in late October for the victims of Hurricane Sandy in Connecticut, New Jersey, and New York. This will give taxpayers until February 1, 2013 to file these returns and pay any amounts due. The postponed deadlines include payroll and excise tax returns and payments for the third and fourth quarters, the third quarter is normally due on October 31, 2012 and the fourth on January 31, 2013. The postponed deadlines also include fourth quarter individual estimated tax payments which are normally due on January 15, 2013. The relief also applies to tax-exempt organizations required to file Form 990 series with an original or extended deadline which falls within this time period.

The IRS also is waiving failure to deposit penalties for excise tax and federal payroll tax deposits normally due on or after the disaster area start date and before November 26, but the deposits have to be made by November 26, 2012.

The filing and payment relief applies to the following localities:

Connecticut: Fairfield, Middlesex, New Haven, and New London counties and the Mashantucket Pequot Tribal Nation and Mohegan Tribal Nation located within New London County;

New Jersey: Atlantic, Bergen, Cape May, Essex, Hudson, Middlesex, Monmouth, Ocean, Somerset, and Union Counties;

New York: Bronx, Kings, Nassau, New York, Queens, Richmond, Rockland, Suffolk, and Westchester counties.

As always, please consult your personal tax advisor on all the above issues.

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