IRS Gives Taxpayers More Time to Recover from Sandy

Recovering from the devastation created by Hurricane Sandy will take a long time and a great deal of work. Government agencies, from the Federal Emergency Management Agency to the New Jersey Department of Taxation, are doing what they can to help. Yesterday, the Internal Revenue Service joined the efforts, announcing an extension for victims of Hurricane Sandy.

Business payroll and excise tax returns were due yesterday, yet taxpayers and tax preparers affected by the storm now have until November 7, 2012, to file their returns and make required payments. There is also penalty abatement for "reasonable cause on account of the storm." The relief is automatic, and requires no action on the part of the taxpayer.

Additional information is available at the IRS.

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