Will the IRS give us any tax relief if we lost our entire household belongings in Hurricane Sandy?
Tax Professional Answers
The relief applies to taxpayers and tax preparers in an area affected by Hurricane Sandy or otherwise impacted by the storm that hit the Mid-Atlantic and Northeastern United States this week.
This relief primarily applies to businesses whose payroll and excise tax returns and payments are normally due on October 31. No action is required by the taxpayer; this relief is automatic. Regular federal tax deposits are due according to current rules. However, the IRS notes that if taxpayers or tax practitioners receive a penalty notice for this period, they can contact the IRS at the number on the notice to request penalty abatement due to reasonable cause on account of the storm.
IRS expects to grant additional filing and payment relief as qualifying disaster declarations are issued by the Federal Emergency Management Agency (FEMA). Details will be posted on the Tax Relief in Disaster Situations page on IRS.gov.
On November 2, the IRS announced that it is providing additional tax relief to victims of Hurricane Sandy in three northeastern states, as well as allowing employers who make qualified disaster relief payments to individuals to exclude the payments from those individuals' taxable income. It made the announcements in two press releases, IR-2012-83 and IR-2012-84, which are available on the IRS website.
Tax Questions By Topic:
Meet Leading Tax Advisors
New York, New York, USA
Federal Tax Credits & Incentives Practice Leader
Lakeland, Florida, USA
Denver, Colorado, USA
Fullerton, California, USA
Sanford, Florida, USA
Topanga, California, USA
Tyrone , Pennsylvania, USA
Rancho Santa Fe, California, USA
CEO/Certified Financial Advisor
Greenville, South Carolina, USA
Santa Clara, California, USA
Tax Principal - President
Chattanooga, Tennessee, USA
Stellenbosch, South Africa
Exchange Control & Master Tax Practitioner (SA)
Boston, Massachusetts, USA
Tax Partner, International Tax
Toronto Mississauga Oakville Burlington Hamilton, Canada
La Jolla, California, USA