Wang Solutions

IRS Gives Hurricane Victims a Break 

 
Hey procrastinators, check your calendar!  Time is running out… The Corporate Income Tax for 2010 – if you filed an extension by March 15, 2011 – is due September 15, 2011. The Personal Income Tax for 2010 – if you filed an extension by April 18, 2011 – is due October 17, 2011. Fortunately, the IRS has announced that victims of Hurricane Irene won’t be subject to these deadlines.

 
As of September 2, taxpayers living in federally-declared disaster areas in Vermont, North Carolina, New Jersey, New York, and Puerto Rico will be eligible for tax relief. The extension postpones certain tax filing and payment deadlines until Oct. 31, 2011.
 
The relief is only available to corporations/businesses that previously obtained an extension until Sept.15 for their 2010 returns, and individuals/businesses that received a similar extension until Oct. 17. The estimated tax payment for the third quarter of 2011, which would normally be due Sept. 15, is also included in the extension.
 

Even taxpayers whose preparers aren’t located in FEMA-designated disaster areas will receive some leeway from the IRS. Taxpayers whose preparers were in locales under evacuation or a severe weather warning during the hurricane, have until Sept. 22 (an extra week) to file their returns.
 

Taxpayers also get one more chance to take advantage of the Offshore Voluntary Disclosure Initiative. Due to the potential impact of Hurricane Irene, the IRS has extended the deadline from August 31 until September 9. Don’t delay, at least file for a 90 day-extension today!