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October 31: The tax authorities of certain states have announced tax relief for taxpayers affected by Hurricane Sandy.
The following provides a partial list of those states that, as of Wednesday afternoon, October 31, 2012, have announced storm-related tax relief guidance. This list is expected to be expanded as more states issue guidance in coming days.
- California - For unclaimed property holders and agents of holders affected by Hurricane Sandy, the California State Controller issued guidance [PDF 114 KB] on filing an extension request for holder notice reports that are due October 31, 2012. The due date is extended to November 13 for eligible holders. Eligible holders must submit a notice report and a request for extension so that it is received in the controller’s office no later than November 13, 2012.
- Connecticut - The Connecticut Department of Revenue Services issued an October 30 announcement stating that due to the continuing impact of Storm Sandy, the deadline for tax filings and payments due October 31, 2012, has been extended to the end of business on November 7, 2012. Executive Order 23 allows unemployment compensation tax filings and payments that were to have been filed by November 1, 2012, to be filed by November 15, 2012.
- New York - Numerous tax filing and payment deadlines have been postponed for taxpayers directly affected by the hurricane, according to the October 2012 release [PDF 304 KB]. For example, deadlines have been postponed for the period beginning on October 26, 2012, and ending before November 14, 2012, for filing any returns, paying any tax (with certain exceptions) or paying installment of tax, filing any extension request, filing for a credit or refund, filing for redetermination of a deficiency or review of a decision, or any other act required or permitted under the tax law or specified in the New York state tax regulations. There are two exceptions to the relief. First, remittances of income tax withheld by employers required to be made using Form NYS-1 must be timely made. Second, remittances of withholding tax or the Metropolitan Commuter Transportation Mobility Tax required to be made by employers through the PrompTax system must be timely made.
- Virginia - A penalty waiver will be provided to those individuals and businesses affected by Hurricane Sandy, according to an October 30 release. This penalty waiver applies to any late returns filed or payments made by storm-affected taxpayers between October 29, 2012, and November 9, 2012. Taxpayers must notify the Department of Taxation that they were affected by Hurricane Sandy by writing "Hurricane Sandy" at the top of their returns. The Department of Taxation will then abate any late-filing or late-payment penalties that would otherwise apply.
- West Virginia - According to a statement posted by the Tax Department, taxpayers that were to have filed certain returns—including severance tax returns, B&O tax and motor fuel excise tax returns, employer’s quarterly return of income tax withheld and other types of returns—today, Wednesday, October 31, may request assistance from the Tax Department if they are unable to file or pay timely as a result of the recent storms affecting parts of West Virginia.
For more information, contact a KPMG State and Local Tax professional:
Sarah McGahan
(213) 593 6769
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©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.
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