NEW YORK (AP) — The government is making it easier for businesses to deal with tax issues after Hurricane Sandy.
The IRS says that business owners in parts of New York, New Jersey and Connecticut that have been declared disaster areas will have until Feb. 1 to file quarterly returns and taxes. The deadline applies to quarterly estimated tax payments that are due Jan. 15. It also applies to third-quarter payroll and excise tax returns and payments that were due Oct. 31 and fourth-quarter payments due Jan. 31.
The IRS says any penalties or interest that would normally be assessed because these taxes haven't been paid would be automatically waived.
The agency also is waiving penalties for businesses unable to make payroll and excise tax deposits, which are made monthly or semi-weekly, as long as the deposits are made by Nov. 26.
Businesses located outside the disaster area, but whose financial books or records or tax preparer is located in the affected area can also seek relief from the government. They should call the IRS at 866 562-5227.
Owners can get more information on the IRS website, www.irs.gov/uac/Tax-Relief-in-Disaster-Situations