|
November 5: The IRS announced additional tax relief for individual and business taxpayers and exempt organizations in Connecticut, New Jersey, and New York that were affected by Hurricane Sandy.
The IRS release IR-2012-83 (November 2, 2012) states that other locations may be added in coming days based on additional damage assessments by the Federal Emergency Management Agency (FEMA).
Returns, payments extended to February 1, 2013
The IRS stated that with this tax relief, various tax return filing and tax payment deadlines starting in late October 2012 (see the schedule of affected locations and counties provided below) are postponed and extended. Taxpayers affected by the storm will have until February 1, 2013, to file returns and pay taxes due for:
- The fourth quarter individual estimated tax payment (typically due January 15, 2013)
- Payroll and excise tax returns and excise tax payments for the 2012 third and fourth quarters (typically due October 31, 2012, and January 31, 2013)
- Form 990 series returns filed by exempt organizations required to file a Form 990 return, with an original or extended due date within this time period
IRS schedule of affected locations / counties
- Connecticut (starting October 27) - Fairfield, Middlesex, New Haven, and New London counties and the Mashantucket Pequot Tribal Nation and Mohegan Tribal Nation located within New London county
- New Jersey (starting October 26) - Atlantic, Bergen, Cape May, Essex, Hudson, Middlesex, Monmouth, Ocean, Somerset, and Union
- New York (starting October 27) - Bronx, Kings, Nassau, New York, Queens, Richmond, Rockland, Suffolk, and Westchester
Automatic interest, penalty abatement
The IRS release states that the IRS will automatically abate any interest, late payment or late filing penalties that otherwise would apply for taxpayers located within the disaster area. The IRS is also waiving the failure to deposit penalty for federal payroll and excise tax deposits normally due on or after the disaster area start date and before November 26, 2012, if the deposits are made by November 26.
The IRS stated that it will work with any taxpayers residing outside the disaster area but whose books, records, or tax professionals are located within the areas affected by Hurricane Sandy.
Workers assisting the relief activities in the covered disaster areas who are affiliated with a recognized government or philanthropic organization are eligible for this tax relief, and taxpayers who live outside the area but believe they may be eligible for relief will need to contact the IRS.
©2012 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.
The KPMG logo and name are trademarks of KPMG International.
KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever.
The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.
Direct comments, including requests for subscriptions, to us-kpmgwnt@kpmg.com.
For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at:
+ 1 202 533 4366
1801 K Street NW
Washington, DC 20006.
|
|
©2012 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.
The KPMG logo and name are trademarks of KPMG International.
KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever.
The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.
Direct comments, including requests for subscriptions, to us-kpmgwnt@kpmg.com.
For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at:
+ 1 202 533 4366
1801 K Street NW
Washington, DC 20006.
|
|
SubscribeCurrent and future KPMG clients may subscribe to TaxNewsFlash email alerts.
Email your contact information.
Other TaxNewsFlash publications
TaxNewsFlash-United States by month
TaxNewsFlash-United States by year
|