If you have been financially impacted / devastated by the hurricane sandy disaster, below are some resources which might be helpful. Our law firm can help you deal with the "after the disaster" financial issues including helping you file a bankrutpcy, coordinate a loan modification, handle a foreclosure defense, resolve debt issues, etc.
Click Here for information on how to take an IRS tax deduction for your casualty loss.
For disaster assistance, both individuals and business owners need to register with FEMA. This can be done by first going to the website www.disasterassistance.gov where the business application is connected to the personal application. Plan on spending roughly twenty minutes on the FEMA web site. If your home was entirely destroyed, or if your house was substantially devastated by the hurricane sandy disaster, it is possible that you need to look at what is possible beyond insurance coverage. Some people did not have flood insurance. Some people only received very limited relief from FEMA regarding your housing issue. A bankruptcy just might be the right solution to the problem. If you had financing on your home, and your insurance is not covering your liability to the lender, a bankruptcy could be the solution to release you from your mortage liability. Give us a call to discuss the options and alternatives.
The link for the FEMA handbook is http://www.fema.gov/pdf/assistance/process/help_after_disaster_english.pdf
SBA Disasters Loans: SBA provides low interest disaster loans to homeowners, renters, businesses of all sizes and private, nonprofit organizations to repair or replace real estate, personal property, machinery & equipment, inventory and business assets that have been damaged or destroyed in a declared disaster.
SBA Office of Disaster Assistance: Provides low-interest, long-term loans to small businesses owners who need help replacing or repairing personal property, equipment, inventory or business assets. The interest rates on the loans range from 4 percent to 8 percent and can be repaid over as much as 30 years.
SBA Disaster Centers: The SBA has
disaster offices located in NY and across the country that can provide
information and assistance quickly to businesses that incur damage from
a natural disaster.
Additional Resources: These links point to websites created and maintained by other excellent organizations that may be of interest to you.
IRS Provides Tax Relief to Victims of Hurricane Sandy; Return Filing
IR-2012-83, Nov. 2, 2012
WASHINGTON — In the aftermath of Hurricane Sandy, the Internal Revenue Service announced additional tax relief to affected individuals and businesses.
Following recent disaster declarations for individual assistance issued by the Federal Emergency Management Agency, the IRS announced today that affected taxpayers in Connecticut, New Jersey and New York will receive tax relief. Other locations may be added in coming days based on additional damage assessments by FEMA.
The tax relief postpones various tax filing and payment deadlines that occurred starting in late October. As a result, affected individuals and businesses will have until Feb. 1, 2013 to file these returns and pay any taxes due. This includes the fourth quarter individual estimated tax payment, normally due Jan. 15, 2013. It also includes payroll and excise tax returns and accompanying payments for the third and fourth quarters, normally due on Oct. 31, 2012 and Jan. 31, 2013 respectively. It also applies to tax-exempt organizations required to file Form 990 series returns with an original or extended deadline falling during this period.
The IRS will abate any interest, late-payment or late-filing penalty that would otherwise apply. The IRS automatically provides this relief to any taxpayer located in the disaster area. Taxpayers need not contact the IRS to get this relief.
Beyond the relief provided by law to taxpayers in the FEMA-designated counties, 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. All workers assisting the relief activities in the covered disaster areas who are affiliated with a recognized government or philanthropic organization are eligible for relief. Taxpayers who live outside of the impacted area and think they may qualify for this relief need to contact the IRS at 866-562-5227.
In addition, the IRS is waiving failure-to-deposit penalties for federal payroll and excise tax deposits normally due on or after the disaster area start date and before Nov. 26, if the deposits are made by Nov. 26, 2012. Details on available relief can be found on the disaster relief page on IRS.gov.
The tax relief is part of a coordinated federal response to the damage caused by the hurricane and is based on local damage assessments by FEMA. For information on disaster recovery, individuals should visit disasterassistance.qov.
The IRS wants to assure taxpayers, businesses and tax preparers that it is working aggressively to monitor the situation and provide additional relief as needed.
So far, IRS filing and payment relief applies to the following localities:
In Connecticut (starting Oct. 27): Fairfield, Middlesex, New Haven, and New London Counties and the Mashantucket Pequot Tribal Nation and Mohegan Tribal Nation located within New London County;
In New Jersey (starting Oct. 26): Atlantic, Bergen, Cape May, Essex, Hudson, Middlesex, Monmouth, Ocean, Somerset and Union;
In New York (starting Oct. 27): Bronx, Kings, Nassau, New York, Queens, Richmond, Rockland, Suffolk and Westchester.