Even though Moskowitz LLP is located in the San Francisco Bay Area of California, we have clients all over the world. If you have been affected by Hurricane Sandy, our tax attorneys and CPA’s can help determine your eligibility for storm-related tax deductions and how to best claim them.
Though Hurricane Sandy only hit the East coast of the United States, the IRS and California’s Franchise Tax Board (FTB), as well as several other states, acknowledge that the storm may have taken a financial toll on citizens elsewhere in the country – namely those who own property or have some other substantial ties in New Jersey, New York or different areas that were heavily impacted. To accommodate this, the IRS recently granted extensions to individual business owners and organizations that had filing deadlines in late October and mid-January.
“Beyond the relief provided by law to taxpayers in the FEMA-designated counties [currently designated in New York, New Jersey and Connecticut], the IRS will work with any taxpayer who resides outside the disaster area but whose books, records or tax professional are located in the areas affected by Hurricane Sandy,” a press release from the IRS stated.
Following this announcement by the IRS, the FTB issued an additional release indicating that the IRS extensions would also apply to anyone who with a California filing requirement – either as residents or non-residents of the state. You should consult with a tax attorney for specific filing instructions as well as how and when to claim the losses related to the disaster on your federal and state tax returns.