Hurricane Ida Tax Relief for New York & New Jersey Storm Victims
The IRS has announced that certain tax filing and payment deadlines are postponed until January 3, 2022 for victims of Hurricane Ida in New Jersey and New York. The deadlines in question are those that began on September 1, 2021 and applies automatically to taxpayers in affected locations as designated by FEMA. The activities covered under the extended deadline also include filing Form 5500 and any other acts as described in IRS Revenue Procedure 2018-58 and Treasury Regulation 301.7508A-1(c)(1).
“Affected taxpayer” automatically includes any individuals who live and/or whose principal place of business is located in the covered disaster area. Those who reside or have a business located outside the covered disaster area, but have been affected by the disaster, may contact the IRS to request relief.
In New York, the affected areas are all five NYC boroughs (Bronx, Kings, New York, Queens, and Richmond counties) plus Westchester County; in New Jersey the areas are Bergen, Gloucester, Hunterdon, Middlesex, Passaic, and Somerset counties. Similar guidance was issued last week for Louisiana and Mississippi. The current list of eligible localities is always available on the disaster relief page on IRS.gov.
Included in the January 3, 2022 deadline are quarterly estimated income tax payments and quarterly payroll and excise tax returns, extended deadlines for tax-exempt organizations, and businesses with calendar-year partnerships and S corporations.
Links to state-specific guidance, which include a link to the full IRS news release with all pertinent details, are on FuturePlan’s regulatory updates website page.