September 19, 2011 5:12 pm

Filing Extensions for Hurricane Irene Victims

The IRS has extended the due date for filing certain returns and paying estimated taxes for taxpayers in certain counties and municipalities in North Carolina, New Jersey, New York, and Puerto Rico. Those with filing extensions for their 2010 return have until October 31, 2011, to submit the return; taxpayers without this additional extension must file by October 17, 2011. Estimated taxes, which otherwise were due on September 15, 2011, do not have to be paid until October 31, 2011.

Relief may be granted to taxpayers in other locations affected by the storm as FEMA continues to assess the damage.

Reminder: Taxpayers who suffer damages not covered by insurance or other reimbursements may be eligible to deduct this disaster loss on a 2010 return. If the 2010 return has not yet been filed, figure the amount of your loss and whether it would be better to claim it for 2010 or 2011. If the 2010 return has already been filed, the disaster loss can be reported on an amended return.

Source: IR-2011-87, 9/1/11

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Tax Glossary

Ordinary and necessary

A statutory requirement for the deductibility of a business expense.

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