Regulatory Updates

Deadline Relief for Hurricane Ida Victims in New York

The IRS has issued a news release announcing the postponement of certain tax-related deadlines for victims of Hurricane Ida in New York. The tax relief postpones various tax filing deadlines that began September 1, 2021. Affected individuals and households who reside or have a business in Bronx, Kings, New York, Queens, Richmond, and Westchester counties, as well as taxpayers with records located in the covered area that are needed to meet covered deadlines qualify for relief. The IRS has indicated similar guidance will be released for Bergen, Gloucester, Hunterdon, Middlesex, Passaic, and Somerset counties in New Jersey. This relief will be automatically granted to taxpayers in Ida-affected locations in other parts of these states subsequently designated by the Federal Emergency Management Agency (FEMA).

In addition to extending certain tax filing and tax payment deadlines, the relief includes completion of many time-sensitive, tax-related acts described in IRS Revenue Procedure 2018-58 and Treasury Regulation 3.01.7508A-1(c)(1). Affected taxpayers with a covered deadline on or after September 1, 2021, and before January 3, 2022, will have until January 3, 2022, to complete the acts. This includes filing Form 5500 series returns that are required to be filed on or after September 1, 2021, and before January 3, 2022.

“Affected taxpayer” automatically includes any individuals who live, and businesses whose principal place of business is located, in the covered disaster area. Those who reside or have a business located outside the covered disaster area, but have been affected by the disaster, may contact the IRS to request relief.