IRS Gives Sandy Victims a Break [AUDIO]
The Internal Revenue Service says they also have some help to offer New Jersey victims of the recent storms.
The IRS says residents in Jersey counties declared a disaster area by President Obama may qualify for tax relief, and the postponement of certain deadlines. Obama has declared Atlantic, Bergen, Cape May, Essex, Hudson, Middlesex, Monmouth, Ocean, Somerset, and Union counties a federal disaster area. Individuals who reside or have a business in these counties may qualify for tax relief.
For example, filing deadlines falling on or before October 26 have been postponed to February 1st of next year. In addition, the IRS is waiving the failure-to-deposit penalties for employment and excise tax deposits due on or after Oct. 26, and on or before Nov. 26, as long as the deposits are made by Nov. 26, 2012.
Spokesman David Stewart offered this advice for anyone seeking more information, "I think really the best place to go is IRS.gov, and look under, hurricane relief for Sandy. It's right on the home page. It's the very first item."
Stewart says you can also call the special I-R-S disaster hotline at 866-562-5227 for more assistance.
Taxpayers considered to be affected taxpayers eligible for the postponement of time to file returns, pay taxes and perform other time-sensitive acts are those taxpayers listed in Treas. Reg. § 301.7508A-1(d)(1), and include individuals who live, and businesses whose principal place of business is located, in the covered disaster area.
Taxpayers not in the covered disaster area, but whose records necessary to meet a deadline listed in Treas. Reg. § 301.7508A-1(c) are in the covered disaster area, are also entitled to relief. In addition, all relief workers affiliated with a recognized government or philanthropic organization assisting in the relief activities in the covered disaster area and any individual visiting the covered disaster area who was killed or injured as a result of the disaster are entitled to relief.