Virginia: Penalty and Interest Waiver for Victims of Sandy
- Oct 31, 2012 | Gail Cole
Hurricane Sandy has blown through Virginia. She left a mess, but not to the degree anticipated. On Tuesday afternoon, Governor McDonnell remarked, "Sandy was not as bad as we expected, but we still faced high winds, heavy rain and snow, and flooding… . There is still clean up to be done… ." Part of the clean up includes a penalty and interest waiver for victims of Hurricane Sandy.
Individuals and businesses affected by Hurricane Sandy are eligible for a penalty waiver, according to a Tax Bulletin recently issued by the Virginia Department of Taxation. The waiver "applies to any late returns filed or payments made by affected taxpayers between October 29, 2012 and November 9, 2012." "Hurricane Sandy" must be written at the top of these returns.
Affected taxpayers are individuals or businesses whose relevant financial books and records are "unavailable because of hurricane damage or power outage." This includes taxpayers who use electronic funds transfer (EFT) for payment.
Returns eligible for the penalty waiver include, but are not not limited to:
- Individual and Fiduciary Income Tax Returns;
- Withholding Returns;
- Forest Products Tax Returns;
- Corn Tax Returns;
- Cotton Tax Returns;
- Soybean Tax Returns;
- Sheep Tax Returns.
Additional information is available at the Virginia Department of Taxation.
All of us at taxrates.com extend our deepest sympathies to the victims of Hurricane Sandy.