Thursday, November 1, 2012
IRS Extends Deadlines After Sandy
The relief applies to taxpayers and preparers in an area affected by Hurricane Sandy or otherwise impacted by the storm. It primarily applies to businesses whose payroll and excise tax returns and payments were due on October 31. No action is required by the taxpayer; the relief is automatic. Regular federal tax deposits are due according to current rules.
The service did note, however, 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. Details will be posted on the service's Disaster page.