New York: Tax Relief for Victims of Sandy

New York is in a state of emergency in the wake of Hurricane Sandy. The waters are receding, clean-up efforts are underway, and residents of New York are taking stock of the damage.

Commissioner Thomas H. Mattox has announced the postponement of certain tax filing and payment deadlines occurring between October 26, 2012 and November 14, 2012.

Who

Taxpayers eligible for relief include, but are not limited to:

• Victims of the storm who reside in, or have a principal place of business in, New York State;
• Relief workers assisting in the designated counties;
• Taxpayers whose records are not available because of Hurricane Sandy;
• Taxpayers who cannot meet tax filing or payment deadlines because of disruptions in transportation and delivery services due to the storm.

What

Postponements for affected taxpayers include, but are not limited to:

• Filing returns for personal income tax, corporate taxes, sales tax, highway use tax, other taxes administered by the Tax Department.
• Paying any tax (barring exceptions) or installment of tax, including installment payments of estimated taxes;
• Filing any requests for extensions;
• Filing for a credit or refund;
• Bringing suit by New York State for any tax liability;
• Fuel Use Tax (IFTA).

Exceptions

The following remittances are not eligible for the postponement:

• Remittances of income tax withheld by employers required to be made using Form NYS-1, Return of Tax Withheld;
• Remittances of withholding tax or MCTMT required to be made by employers through the PrompTax system.

Additional information about tax relief for victims of Hurricane Sandy in New York State is available through the New York State Department of Taxation and Finance.

All of us at taxrates.com extend our deepest sympathies to the victims of Hurricane Sandy.