In the wake of Superstorm Sandy, businesses of all sizes are gearing up for what will likely be lengthy exchanges with insurance companies. Many businesses are beginning to prepare or have already filed business income loss claims (also known as “business interruption claims”) with their insurers. These businesses may soon find themselves embroiled in litigation, arbitration, or at the very least, negotiations with their insurance companies’ adjusters, whose principal charge is often to minimize costly claims. So what steps should businesses take to ensure maximum recovery of losses?
In the aftermath of Hurricane Sandy, the IRS has granted affected individuals until Feb 1, 2013 to file and pay their fourth quarter individual estimated tax payment, normally due January 15, 2013. This relief is only extended to taxpayers living in FEMA-designated counties affected by Hurricane Sandy in the states of Connecticut, New Jersey and New York*.
As we rebuild after Hurricane Sandy it is essential we take advantage of all sales tax exemptions and benefits that may be available to you or your business. In addition, new and revitalized governmental programs may be instrumental in helping you rebuild.
WASHINGTON — As part of the administration's efforts to bring all available resources to bear to support state and local partners impacted by Hurricane Sandy, the IRS is postponing the filing date until Feb. 1, 2013, for some small tax-exempt organizations affected by Hurricane Sandy to take advantage of transitional relief when applying for reinstatement of their exempt status.
WASHINGTON — As part of the administration’s efforts to bring all available resources to bear to support state and local partners impacted by Hurricane Sandy, the Internal Revenue Service today extended until Dec. 7 the diesel fuel penalty waiver, due to expire today, for New Jersey and parts of New York.
In an effort to assist with recovery efforts for Hurricane Sandy, the IRS is allowing individuals impacted by Superstorm Sandy to make hardship withdrawals from their retirement accounts or take loans against their retirement accounts. This can be used to provide relief to the taxpayer or their family. All eligible distributions must be made after Oct 26, 2012, and no later than February 1, 2013.
The Internal Revenue Service is allowing 401(k) and similar employer-sponsored retirement plans to make loans and hardship distributions to victims of Hurricane Sandy and members of their families, as part of the Obama administration’s efforts to bring all available resources to bear to support state and local partners affected by Hurricane Sandy.
WASHINGTON — In the aftermath of Hurricane Sandy, the Internal Revenue Service announced additional tax relief to affected individuals and businesses. Following recent disaster declarations for individual assistance issued by the Federal Emergency Management Agency, the IRS announced today that affected taxpayers in Connecticut, New Jersey and New York will receive tax relief. Other locations may be added in coming days based on additional damage assessments by FEMA.
In the aftermath of Hurricane Sandy, the Internal Revenue Service has recognized the affects the disaster has caused for many individuals and businesses that have sustained losses. These individuals and businesses will need to consider how to account for the losses by year end.
Taxpayers have the option to deduct casualty losses that occurred to property destroyed as a result of the disaster. Casualty losses are generally deductible in the year the casualty occurred.
As millions of dollars pour into charities to assist victims of Hurricane Sandy, Attorney General Eric T. Schneiderman today offered the following tips for donors supporting relief efforts.
Check Before Giving. Donate to charities you are familiar with, or that have experience assisting in disaster relief. Review information about the charity before you give. Check the Attorney Generals website www.charitiesnys.com for financial reports of charities, or ask the charity directly for its reports. Confirm that the charity is a tax-exempt organization.
TIR announces that the Massachusetts Department of Revenue (“Department”) will grant automatic extensions of time until February 1, 2013 for certain tax filings and payments otherwise required to be made by certain non-resident individual and business taxpayers and other affected taxpayers, as described below, between October 29, 2012 and January 31, 2013.
The devastating effects of Hurricane Sandy have been felt throughout the state. New Yorkers are currently experiencing power outages, flooding, and have incurred damage to their homes. President Obama has approved a disaster declaration, with the following counties eligible for disaster assistance: Bronx, Kings, Nassau, New York, Richmond, Rockland, Suffolk, Queens and Westchester.
Hurricane Sandy brought heavy downpours and tumultuous winds to the Northeast, leaving residents in its aftermath without homes, power, heat and water. Thousands of people have been displaced and are in need of basic necessities. As a result of the destruction caused to homes and businesses in coastal areas, there has been an outpouring of support from communities all over the nation. Individuals are stepping forward to provide monetary assistance, while others donate clothing, food, water and other items to the recovery efforts and shelters.
WASHINGTON - The Internal Revenue Service, in response to shortages of clear diesel fuel caused by Hurricane Sandy, will not impose a tax penalty when dyed diesel fuel is sold for use or used on the highway. This relief applies beginning Oct. 30, 2012 in New Jersey, New York, and Pennsylvania and will remain in effect through Nov. 20, 2012.
WASHINGTON - As part of the administration’s continued support for states and local partners impacted by Hurricane Sandy, the Treasury Department and the Internal Revenue Service today announced that they will waive low-income housing tax credit rules that prohibit owners of low-income housing from providing housing to victims of Hurricane Sandy who do not qualify as low-income. The action will expand the availability of housing for disaster victims and their families.
The IRS has issued guidance regarding adoption by employers of leave-based donation programs to aid victims of Hurricane Sandy. Under such programs, employees elect to forgo vacation, sick, or personal leave in exchange for cash payments made by the employer to charitable organizations for the relief of victims of Hurricane Sandy.
The IRS has announced that an expedited review and approval process will be offered for organizations seeking tax-exempt status in order to provide relief for victims of Hurricane Sandy. To apply for tax-exempt status, organizations must file IRS Form 1023 and write at the top of the form "Disaster Relief, Hurricane Sandy".
The IRS will waive low-income housing tax credit rules that prohibit owners of low-income housing from providing housing to victims of Hurricane Sandy who do not qualify as low-income. Specifically, the IRS will temporarily suspend income limitation requirements and non-transient requirements for qualified low-income housing projects that provide housing to victims of Hurricane Sandy.
The IRS has alerted employers and other taxpayers that, because Hurricane Sandy is designated as a qualified disaster for federal tax purposes, qualified disaster relief payments made to individuals by their employers or any person can be excluded from those individuals’ taxable income.
Governor Andrew M. Cuomo has declared a State Disaster Emergency for the entire state of New York. As a result of this declaration, Commissioner Thomas H. Mattox has postponed certain tax filing and payment deadlines for taxpayers who were directly affected by Hurricane Sandy. The relief provided for in this notice applies to taxpayers directly affected by the storm.
Governor Christie has extended certain tax filing and payment deadlines for businesses whose operations were disrupted by Hurricane Sandy. Taxpayers who qualify will include businesses located in New Jersey, out-of-state businesses with operations in the State, and those whose tax records are located here
Secretary of Revenue Dan Meuser and Secretary of Labor & Industry Julia Hearthway today announced certain filing and payment deadline extensions for business and individual taxpayers directly impacted by Hurricane Sandy.
Following Governor Daniel Malloy's emergency declaration and the continuing impact of Storm Sandy, Department of Revenue Services (DRS) Commissioner Kevin B. Sullivan has extended the deadline for state tax filings and payments due this week to the end of the business day on November 7, 2012.
Connecticut Gov. Dannel P. Malloy has announced that he has signed executive orders allowing tax filing extensions to assist Connecticut residents and businesses to recover from Hurricane Sandy. Executive Order 23 allows unemployment compensation tax filings and payments that have to be filed by November 1, 2012, to be filed by November 15, 2012.