We at JANOVER LLC hope that you are safe in the wake of the devastation brought by Hurricane Sandy. Our deepest thoughts and prayers are with all our friends and families up and down the coast that have been hit the hardest.
During the last several days, many of us have suffered significant business and personal losses. The recovery to bring your life back to normal may take several days, weeks or months. We want you to know that all of us at JANOVER are standing with you now and as the recovery efforts begin.
As we assess the damages and live without electric and heat, just a few words of common sense for you and your business:
1- Assess any damage at your business and at your home – it’s a very good idea to take pictures of your damage to support your insurance claims and casualty loss deductions
2- Use your supplies smartly including keeping your gas tanks filled and conserving drinking water
3- Maintain sufficient cash on hand as credit cards and ATMs may not be working in your area
4- If you are using a generator, make sure you are maintaining it safely
5- If you own a business and it’s closed, then review your business interruption policy for lost income
6- Don’t forget to vote next Tuesday
7- Drive cautiously through major intersections, as many traffic lights are not operating
8- Keep your portable devices well charged
9- If you need federal assistance or you are not sure whether you are entitled for federal assistance, contact FEMA at 800-821-3362 or apply for assistance online at www. fema.gov
Important extension of tax due dates:
Federal –
The IRS announced that they are granting taxpayers and tax preparers affected by Hurricane Sandy additional time to file tax returns and accompanying payments normally due on October 31st. The relief applies to taxpayers and tax preparers in areas affected by Hurricane Sandy that hit the Mid- Atlantic and Northeastern United States.
This relief primarily applies to businesses whose payroll and excise tax returns and payments are due on October 31st. No action is required by the taxpayer; this relief is automatic. If a taxpayer receives a penalty notice for this period, then they can contact the IRS at the telephone number provided on the notice to request penalty abatement due to reasonable cause on account of the storm. In addition, the IRS expects to grant additional filing and payment relief as qualifying disaster declarations are issued by FEMA.
New York State –
The Governor has declared a State Disaster Emergency for the entire State. As a result of this declaration, the Tax Commissioner has postponed until November 14th certain tax filings and payment deadlines for taxpayers who were directly affected by Hurricane Sandy. This declaration applies to any due dates from October 26th to November 14th, 2012.
Connecticut –
The Governor has issued an Executive Order which extends the October 31st deadline to file business quarterly tax returns until November 15th, 2012.
New Jersey and other States –
While no formal announcements have been issued regarding an extension of time, we believe that New Jersey will shortly make an announcement extending any tax payment and filing due dates for tax returns for affected taxpayers.