The relief gives affected taxpayers until February 1, 2013 to file and make payments, including estimated payments due between October 27 and February 1. The deadline extensions apply to individual, corporate, partnership, S corporation, and trust income tax returns and to estate, gift, and generation-skipping transfer tax returns. The IRS is also waiving penalties for failing to deposit employment and excise tax payments due on or after October 27 and before November 26, as long as the payments are made by November 26. Normal fees for copies of filed tax returns for affected taxpayers will also be waived.
Affected taxpayers can claim disaster-related losses on 2011 or 2012 federal income tax returns. Claiming losses on an original or amended return for 2011 brings a faster refund but, depending on other income factors, claiming the loss on a 2012 return may generate greater tax savings, the IRS advises.