andrema
Senior Associate
Posts : 4263
Join date : 2009-07-08
Age : 112
Location : CT
 |  Subject: Tax Relief for NJ Storm and Flood Victims...FYI  Wed Apr 07, 2010 3:05 pm | |
| I know that there are a few members here from NJ and wanted to pass this along:
April 15th Deadline Extended to May 11th
for New Jersey Storm and Flood Victims
The President has declared the following New Jersey counties to be Federal disaster areas qualifying for individual assistance: Atlantic, Bergen, Cape May, Essex, Gloucester, Mercer, Middlesex, Monmouth, Morris, Passaic, Somerset, and Union.
As a result, the IRS is postponing until May 11, 2010 certain deadlines for taxpayers who reside or have a business in the disaster area. This includes the April 15th deadline for filing and paying individual income taxes and making IRA contributions for 2009.
The relief includes the filing and payment of certain taxes that have either an original or extended due date occurring on or after March 12, 2010 and on or before May 11, 2010, including: Individual, Corporate, Estate & Trust Income, Partnership, S Corporation, Estate and Gift & Generation-Skipping Transfer, and Employment & Excise.
This includes the making of estimated tax payments.
The extended deadline does NOT apply to informational returns such as the W-2, 1098 or 1099, Form 1042-S or 8027. Penalties for failure to make employment or excise taxes due on or after March 12, 2010 and on or before March 29, 2010 will be abated, provided the deposits were made by March 29, 2010. The relief may also apply to other areas not listed above. Other Related Matters Affected taxpayers in these areas have the option of claiming disaster related casualty losses for either 2009 or 2010. Affected taxpayers claiming the disaster loss on last year’s returns should put the Disaster Designation “New Jersey/Severe Storms and Flooding” at the top of the form so the IRS can expedite the processing of the refund. Although New Jersey has not as yet formally provided relief for either filing or payment of taxes, it is the New Jersey Division of Taxation's general policy to follow the guidelines provided by the IRS for special tax relief for taxpayers in Presidential Disaster Relief Areas. Andrew Pratt, a spokesman for the State Department of Treasury, was quoted to say, "We're going to match what the IRS did, postponing filing deadlines."
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