IRS Announces Additional Tax Relief for Storm Victims

Image by U. S. Fish and Wildlife Service – Northeast Region via Flickr We survived Irene. Five days without power and water felt like an eternity but we were very lucky to otherwise not sustain any real damage. My kids were safe albeit a little cranky. I realize that not everyone was so lucky and my thoughts and prayers are with all of you who suffered injury or damage to property (you can read more about tax breaks for casualty loss here). The IRS is offering some relief to taxpayers affected by the storms. Here's a quick rundown: Taxpayers who wish to participate in the Offshore Voluntary Disclosure Initiative (OVDI) for foreign accounts have until Friday, September 9, 2011, to submit their paperwork. The previous deadline was August 31, 2011. Taxpayers whose preparers were affected by Hurricane Irene have until September 22, 2011, to file returns normally due September 15, 2011. Those returns are largely corporate, partnership and trust returns on extension – so your forms 1120, 1120S (for s corporations) and the like. The taxpayer's preparer must be located in an area that was under an evacuation order or a severe weather warning because of Hurricane Irene even if the preparer is located outside of the federally declared disaster areas. The relief does not apply to payment requirements, just filing requirements. Additional tax relief, including extensions to individual and business taxpayers impacted by Hurricane Irene in Connecticut, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Puerto Rico and Vermont is available. The relief includes additional time for businesses and individuals currently on extension, as well as estimated payments for the third quarter of 2011 (normally due next week, September 15, 2011). So far, specific tax relief applies to the following areas: In Connecticut: Fairfield, Hartford, Litchfield, Middlesex, New Haven, New London, Tolland and Windham; In Massachusetts: Berkshire and Franklin; In New Hampshire: Carroll and Grafton; In New Jersey: Atlantic, Bergen, Burlington, Camden, Cape May, Cumberland, Essex, Gloucester, Hudson, Hunterdon, Mercer, Middlesex, Monmouth, Morris, Ocean, Passaic, Salem, Somerset, Sussex, Union and Warren; In New York: Albany, Clinton, Delaware, Dutchess, Essex, Greene, Montgomery, Nassau, Orange, Otsego, Rensselaer, Rockland, Saratoga, Schenectady, Schoharie, Sullivan, Suffolk, Ulster, Warren and Westchester; In North Carolina: Beaufort, Bertie, Brunswick, Camden, Carteret, Chowan, Craven, Currituck, Dare, Duplin, Edgecombe, Gates, Greene, Halifax, Hertford, Hyde, Johnston, Jones, Lenoir, Martin, Nash, New Hanover, Northampton, Onslow, Pamlico, Pasquotank, Perquimans, Pitt, Tyrrell, Vance, Warren, Washington and Wilson; In Puerto Rico: Arroyo, Aguas Buenas, Caguas, Canovanas, Carolina, Cayey, Cidra, Coamo, Comerio, Humacao, Jayuya, Juncos, Loiza, Luquillo, Orocovis, Patillas, Ponce and San Juan; In Vermont: Addison, Bennington, Caledonia, Chittenden, Orange, Rutland, Washington and Windsor. Other locations are expected to be added following additional damage assessments by the Federal Emergency Management Agency (FEMA). You can find additional details here. The IRS has not yet announced what, if any, relief will be available to those affected by recent flooding in the northeast. From where I sit, it's pretty grim and many of us in Pennsylvania are bracing ourselves for the worst. Please stay safe and check back for more details.

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