The Internal Revenue Service (IRS) has extended tax relief afforded to Hurricane Sandy victims. The IRS normally issues various forms of tax relief after major catastrophic events. For Hurricane Sandy, affected individuals and businesses will have until April 1, 2013, to file returns and pay any taxes due. This includes the fourth quarter individual estimated tax payments, normally due Jan. 15, 2013. It also includes payroll and excise tax returns and accompanying payments for the third and fourth quarters, normally due on Oct. 31, 2012 and Jan. 31, 2013 respectively, and calendar year corporate income tax returns due March 15. It also applies to tax-exempt organizations required to file Form 990 series returns with an original or extended deadline falling during this period.
Additionally, the IRS will abate any interest, late-payment or late-filing penalty that would otherwise apply. The IRS automatically provides this relief to any taxpayer located in the disaster area. Qualifying taxpayers do not need to not contact the IRS to get this type of tax relief.
Beyond the relief provided to taxpayers in the FEMA-designated disaster counties, the IRS will work with any taxpayer who resides outside the disaster area but whose books, records or tax professional are located in the areas affected by Hurricane Sandy. Taxpayers who live outside of the impacted area and think they may qualify for this relief, however, do need to contact the IRS to obtain tax relief.