IT AIN'T NECESSARILY SO

The news media, and other tax blogs, have been reminding us lately that extended 2010 Form 1040s (and 1040As) must be postmarked by next Monday – October 17, 2011 – in order to be considered to be timely filed.

While this is basically true, NJ taxpayers (thankfully for my late filers) get until October 31, 2011 to file extended 2010 Form 1040s and 1040As and 2010 Form NJ-1040s – because of Hurricane Irene.

All highlights in the below quotes are mine.

The IRS says in IR-2011-87 –

“The Internal Revenue Service is providing tax relief to individual and business taxpayers impacted by Hurricane Irene.

The tax relief postpones certain tax filing and payment deadlines to Oct. 31, 2011. It includes corporations and businesses that previously obtained an extension until Sept. 15, 2011, to file their 2010 returns and individuals and businesses that received a similar extension until Oct. 17. It also includes the estimated tax payment for the third quarter of 2011, which would normally be due Sept. 15.”

The relief is available to “certain taxpayers in Connecticut, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Puerto Rico and Vermont”.

In New Jersey the relief applies to the following counties - Atlantic, Bergen, Burlington, Camden, Cape May, Cumberland, Essex, Gloucester, Hudson, Hunterdon, Mercer, Middlesex, Monmouth, Morris, Ocean, Passaic, Salem, Somerset, Sussex, Union and Warren.  That is all 21 counties of New Jersey – so all of New Jersey gets the extension.

The NJ Division of Taxation tells us -

“New Jersey’s tax relief . . . extends to taxpayers who reside or have a business in all 21 counties of New Jersey impacted by Hurricane Irene and New Jersey considers an affected taxpayer qualifying for tax relief to include businesses, individuals, those with tax records, and relief workers in areas disrupted by Hurricane Irene.

Taxpayers now have until October 31, 2011 to file their New Jersey tax returns such as individual income tax, corporation business tax, sales tax, inheritance tax, estate tax, partnership and other business taxes administered by the Division of Taxation and to submit payments for any return and/or payment, including estimated payments which have either an original or extended due date occurring on or after August 27, 2011 and on or before October 31, 2011.

The extended due date permits individuals and businesses that received a filing extension until October 17, 2011 to have until October 31, 2011 to file their returns. Businesses that previously obtained a filing extension to September 15, 2011 are also covered by this relief and have until October 31, 2011 to file their returns. Estimated tax payments for the third quarter of 2011 are now due October 31, 2011 instead of September 15, 2011.”

Of course this additional time does not mean you should continue to procrastinate.  If you have not already gotten your 2010 tax “stuff” to your preparer – get off your arse and do it!

TTFN