Hurricane Sandy Extensions of IRS Time to File

The IRS has extended time to make tax payments and file returns of taxpayers in counties that have been designated as federal disaster areas qualifying for individual assistance.

Affected taxpayers are those listed in Reg. § 301.7508A-1(d)(1) and would include any person whose principal residence, and any business entity whose principal place of business, is located in the counties designated as disaster areas.  For a trust or estate this would include any one that has its tax records in the counties designated as disaster areas.

Under Code Sec. 7508A, IRS gives affected taxpayers an extended date to file most tax returns or to make tax payments, including estimated tax payments, that have either an original or extended due date falling on or after the date of the disaster (Superstorm Sandy).

The postponement of time to file and pay does not apply to information returns in the W-2, 1098, 1099 or 5498 series, or to Forms 1042-S or 8027.

New Jersey: The following are federal disaster areas qualifying for individual assistance on account of Hurricane Sandy: Atlantic, Bergen, Burlington, Camden, Cape May, Cumberland, Essex, Gloucester, Hudson, Hunterdon, Mercer, Middlesex, Monmouth, Morris, Ocean, Passaic, Salem, Somerset, Sussex, Union and Warren counties

For these New Jersey counties, the onset date of the disaster was Oct. 26, 2012, the extended date is Feb. 1, 2013 (which applies to the fourth quarter individual estimated tax payment, normally due Jan. 15, 2013; 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 tax-exempt organizations required to file Form 990 series returns with an original or extended deadline falling during this period).

New York: The following are federal disaster areas qualifying for individual assistance on account of Hurricane Sandy: Bronx, Kings, Nassau, New York, Queens, Richmond, Rockland, Suffolk and Westchester counties

For these New York counties, the onset date of the disaster was Oct. 27, 2012, the extended date is Feb. 1, 2013 (which applies to the fourth quarter individual estimated tax payment, normally due Jan. 15, 2013; 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 tax-exempt organizations required to file Form 990 series returns with an original or extended deadline falling during this period). The deposit delayed date is Nov. 26, 2012. 

Trackbacks (0) Links to blogs that reference this article Trackback URL
http://www.njelderlawestateplanning.com/admin/trackback/289341
Comments (0) Read through and enter the discussion with the form at the end
Post A Comment / Question Use this form to add a comment to this entry.







Remember personal info?
Send To A Friend Use this form to send this entry to a friend via email.