Extended Tax Filing Deadlines For Victims of Hurricane Sandy

Extended Tax Filing Deadlines For Victims of Hurricane Sandy

With the issuance of News Release 2012-83, the Internal Revenue Service (“IRS”) has extended certain tax filings and payment due dates for individual and business taxpayers in many New Jersey, New York and Connecticut counties designated as disaster areas as a result of Hurricane Sandy. As the Federal Emergency Management Agency (“FEMA”) assesses damages, other counties may be added. The IRS has stated that they “want to assure Taxpayers that they are working aggressively to monitor the situation and provide additional tax relief as needed”. Currently, the affected counties are as follows:

NEW JERSEY COUNTIES (STARTING OCT. 26):

Atlantic, Bergen, Cape May, Essex, Hudson, Middlesex, Monmouth, Ocean, Somerset and Union;

NEW YORK COUNTIES (STARTING OCT. 27):

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

CONNECTICUT COUNTIES (STARTING OCT. 27):

Fairfield, Middlesex, New Haven, and New London Counties and the Mashantucket Pequot Tribal Nation and Mohegan Tribal Nation located within New London County.

Starting with late October payments and filing deadlines, individuals and businesses affected by Hurricane Sandy will have until February 1, 2013 to file these returns and pay taxes that are due. The IRS is also waiving failure-to-deposit penalties for federal payroll and excise tax deposits normally due on or after the disaster area start date and before November 26, if the deposits are made by November 26, 2012.

There is no need to apply for this extension, as the IRS will automatically abate any interest or late filing/payment penalties for Taxpayers located in the affected disaster areas.

The extension applies to the following taxes:

• Fourth quarter individual estimated tax payments, normally due January 15, 2013,
• 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, and
• Tax-exempt organizations required to file Form 990 series returns with an original or extended deadline falling during this period.

Thus, calendar year, tax-exempt organizations have until February 1, 2013 to file their 2011 Form 990 with the IRS.

A copy of the IRS News Release 2012-83 can be accessed at the healthcare services section of our Firm’s Website.

The IRS has stated that they will work with any taxpayer who resides outside of the disaster area, but whose books, records or tax professional are located in the areas affected by Hurricane Sandy. All workers assisting relief activities in the covered disaster areas who are affiliated with a recognized government or philanthropic organization are also eligible for relief. The IRS has provided a contact number for those that live outside of a designated disaster area but believe they should qualify for the IRS granted extension; (866) 562-5227.

Updated information will be available on the IRS website on the Help for Victims of Hurricane Sandy page located at:
https://www.irs.gov/uac/Newsroom/Help-for-Victims-of-Hurricane-Sandy

STATE TAX RELIEF

NEW JERSEY

Taxpayers affected by Hurricane Sandy have until November 7, 2012 to file returns and pay taxes due on October 30 and 31, 2012. Taxes include Form NJ-927, Employers Quarterly Report; Form DSF-100, Domestic Security Fee Quarterly Return and TMDF-10, Transporter of Motor Fuels Report. Taxpayers include businesses located inside New Jersey, out-of-state businesses with New Jersey operations and taxpayers whose tax records are located in New Jersey.

Additional information with respect to the New Jersey tax relief for victims of Hurricane Sandy can be accessed by contacting the State of New Jersey Division of Taxation at (609) 292-6400 or via the Division’s website at:
https://www.state.nj.us/treas/taxation/contactus_tyttaxa.shtml

NEW YORK

Taxpayers affected by Hurricane Sandy have until November 14, 2012 to file returns and pay taxes due during the period from October 26, 2012 through to November 14, 2012. Eligibility includes victims of the storm who live or have a principal place of business in NY State, taxpayers whose necessary tax records are not available due to the storm and workers who are assisting in relief efforts in the designated counties.

Additional and updated information can be obtained on the Hurricane Sandy Tax Relief page of the New York State Department of Taxation and Finance at:
https://www.tax.ny.gov/bus/multi/sandy_relief.htm

CONNECTICUT

Taxpayers affected by Hurricane Sandy have until November 7, 2012 to file returns and pay taxes due during the week of the storm until November 7, 2012. Taxes include monthly and quarterly sales and use tax, income tax withholding, alcoholic beverage tax, admissions and dues tax, electric Generators Tax and various gross earnings taxes. Connecticut tax deadlines will not be affected by the IRS federal extensions.

Additional information can be obtained by contacting the Connecticut Department of Revenue at (800) 382-9463 (in Connecticut) or (860) 297-5962 (from anywhere) or by accessing the Department’s website at:
https://www.ct.gov/DRS/site/default.asp

For more information on the topics discussed or services we can provide, please contact:
Scott Mariani, JD, Partner
Practice Leader
973.898.9494 ? [email protected]

Questions or comments?
E-mail us at [email protected]

To ensure compliance with U.S. Treasury rules, unless expressly stated otherwise, any U.S. tax advice contained in this communication is not intended or written to be used, and cannot be used, by the recipient for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code.

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