IRS Tax Relief Extended for Hurricane Sandy Victims

Posted by Montgomery on with 0 Comment

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.

Sandy & Obamacare

Posted by Wetenkamp on with 0 Comment

Just a couple random observations today:

1. Hurricane Sandy – Have you ever seen the looting that goes on when there are major storms and disasters?  Well, there is a distinct probability that we will see internet “looters” who don’t actually go and affirmatively steal things, but who lure victims to send them payments.  Beware of websites that purport to be charities raising money for victims of Hurricane Sandy — they could be a scam.  You can check on the tax-exempt status of the organization to determine how much you’re going to trust them.  Do this BEFORE you donate!  No need to run it by your tax attorney; just follow this link to the Exempt Organizations Select Check on the IRS website.

2. Obamacare Form – Americans for Tax Reform has prepared a “projected” tax form to assist taxpayers with their obligations under Obamacare.  This is so bizarre to me.  What a strange gimmick.  First of all, who has time to put together a complete form along with instructions based on what they think the IRS is going to require?  Second, who is really going to use this form when the individual mandate does not take effect until 2014?  Tax relief may be a top priority these days, but people just don’t plan that far in the future.  Props for style though;  it looks just like an actual IRS form.