There are a many efforts to help those impacted by Sandy and often some of them are missed. So I’ll be mentioning those I run into that are the one’s that I’ve seen missed the most.
First the IRS has extended the due dates for several types of returns and forms to allow businesses and individuals impacted by Sandy. A simple search of the IRS’s web site will give information on what forms, schedules, and returns are affected and the details of the new due by dates. Also be aware any good tax adviser or accountant can also ask for and generally in such cases receive wavers and help with issues that are unique to you as a tax payer.
And second the one with possibly the greatest impact is that Small businesses (fewer than 100 employees) impacted by Sandy can apply for a loan of up to $25,000 from the NYS Emergency Small Business Loan Program to help with recovery. And best yet no interest or principal repayments are due for the first six months. Thereafter, interest is fixed at just 1% and loans must be repaid in full within 2 years. And the loan application and handling are said to be set up for quick processing to expedite businesses getting some much needed cash quickly.
Hope these and other relief efforts information help and as always feel free to ask about these issues or any other tax questions you may have directly to me here of over on Twitter , Linkedin, or check out XeeMe for even more.