INSIGHTS & IDEAS

Tax Relief for victims of Hurricane Irene in New York

The IRS has granted the following tax relief for certain counties (including Dutchess and Ulster) in New York State for victims of Hurricane Irene:

• Due dates for income tax returns extended to either September 15^th or October 17^th are automatically extended until October 31, 2011.
• Failure to deposit penalties are waived for employment and excise tax deposits due on or after August 26^th provided they are paid or made on or before September 12, 2011.
• Those who have incurred a casualty loss can deduct the loss on an original or amended 2010 income tax return.
• Estimated tax payments originally due 9/15 are now due by 10/31/11.