• IRS extends tax-related deadlines for areas affected by Ida
  • Other forms of federal relief for hurricane victims

Summary

Last week, Louisianan victims of Hurricane Ida received their share of federal assistance. This week, it’s the Northeast’s turn.

The Biden administration approved a Major Disaster Declaration for Louisiana promptly on August 29, whereas the President only recently just acknowledged the storm’s effects in Jersey and NYC, granting federal aid to these areas earlier this week.

President Biden’s acknowledgment of disaster in NY and NJ is no small statement. The Disaster Declaration gives a green light for the Federal Emergency Management Administration (FEMA) to financially aid the affected counties. Residents and businesses within these disaster zones can apply for FEMA-sponsored programs that provide temporary housing and clean-up and repair assistance, among other services.

The most notable form of relief, however, is the extension of several tax-related deadlines for those located in affected areas.

What’s Getting Extended?

The following returns, payments, and form deadlines have been extended through to January 3, 2022.

  • Originally due on September 15:
    • Third-quarter estimated income tax payments
    • Calendar-year partnerships & S-corporations with valid extensions
  • Originally due on October 15:
    • Individual tax returns with valid extensions
    • Calendar-year C-corporations with valid extensions
  • Originally due on November 15:
    • Calendar-year tax-exempt organizations with valid extensions

Payments for 2020 tax returns, which were due and should have been paid as of May 17 this year, do not qualify for this extension.

Who’s Included?

The extended deadline relief is automatic; the IRS will use addresses listed in its system to determine eligibility.

New York Eligible Disaster Zone Counties:

  • Bronx
  • Kings
  • New York
  • Queens
  • Richmond
  • Westchester

New Jersey Eligible Disaster Zone Counties:

  • Bergen
  • Gloucester
  • Hunterdon
  • Middlesex
  • Passaic
  • Somerset

Both Long Island counties were not included in the disaster declarations, excluding them from the extension and FEMA assistance. Residents and businesses within these areas may still be eligible for other federal public assistance programs.

What Other Relief Is There?

The SBA is offering low-interest disaster loans for businesses, nonprofits, homeowners, and renters in certain affected areas, particularly those in New Jersey and surrounding counties in DE, NY, and PA.

Our tax pros are here to assist you through these turbulent times. Give us a call at 516-541-6549 and visit our website to stay up to date on tax news and updates.

Devin McQuillan
Associate, Creative Solutions

Contact:
516-541-6549 | Email

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