The Internal Revenue Service is giving tax relief to those who have been affected by Hurricane Irene.
The IRS declared that individuals and businesses in North Carolina, New Jersey, New York, and Puerto Rico will be given a tax break. Other areas affected by the hurricane will also receive tax relief in the coming weeks. Once FEMA has assessed the total damage, the IRS plans to make adjustments to their relief program.
This tax relief will delay many tax filing and payment deadlines. The deadline for Irene victims will be October 31, 2011. Included in this delay are corporations and businesses that had an extension on their 2010 taxes of September 15th, 2011. Individual taxpayers and businesses that received extension will receive another one, due October 17th, 2011. Included in these extensions are tax payments for the third quarter, which are usually due September 15th.
All details concerning these extensions, and information on filing a claim a disaster loss, for all of the areas affected by the hurricane can be found on www.irs.gov. Detailed information can also be found at www.disasterassistance.gov, the FEMA website. There, taxpayers can find information about damage assessment and recover.
Tax Relief Available So Far
For residents of North Carolina, New Jersey, New York, and Puerto Rico, who live in federally declared disaster areas, will receive filing and payment relief by filing a claim with the IRS. The IRS will announce more relief for other areas as they are declared. The IRS is asking that taxpayers and tax professionals keep up with pending areas by looking for “Tax Relief in Disaster Situations” on the IRS website.
Right now the IRS has applied the following counties to the relief program:
-In North Carolina: Beaufort, Carteret, Craven, Dare, Hyde, Pamlico and Tyrell;
-In New Jersey: Bergen, Essex, Morris, Passaic and Somerset;
-In New York: Albany, Delaware, Dutchess, Essex, Greene, Schenectady, Schoharie and Ulster; and
-In Puerto Rico: Caguas, Canovanas, Carolina, Cayey, Loiza, Luquillo and San Juan.
