For those still suffering in the wake of Superstorm Sandy, there is some relief being afforded by the IRS. This formulation question primarily deals with damage dealt to businesses in the New Jersey and New York area as a result of the storm. Businesses affected by the storm will not need to apply for taxes until April 1, 2013. This exemption will include payments due on January 1, 2013, as well as earlier filings from as early as October.
IRS Tax Relief Details
Many businesses in the area affected by Sandy are dealing with a variety of financial problems. Not only due to the damage, but also to a lack of business, many businesses in the area are dealing with the possibility of credit debt and debt negotiation, as well as the growing specter of foreclosure.
Some businesses have already begun dealing with foreclosure attorneys in order to see how they can prevent the effects of Sandy from forcing them to close down. The foreclosure process, while not necessarily as complex as bankruptcy filing, can be a daunting one, so even this relatively small relief from the IRS in terms of taxes can help the business continue and prosper.
The idea of the IRS relief is not to forgive taxes, but rather simply extend the due dates for payments. This will allow businesses to get back on their feet and essentially build retroactive funds for the payments required, as much of New York and New Jersey businesses’ resources went into recovery from storm damage, flooding, or any other effects of Sandy.