New York City Announces Hurricane Irene Relief for Certain Filing and Payment Deadlines

The New York City Department of Finance announced postponement of tax filing and payment deadlines for certain taxpayers and return preparers located within Presidentially declared disaster areas. (Memorandum 11-1) Qualified taxpayers whose returns are due after August 26, 2011 and before October 31, 2011 and who cannot meet that deadline due to Hurricane Irene, may file and pay any tax due on or before October 31, 2011. Any filings and payments made on or before October 31, 2011 will be considered timely and no late filing or late payment penalties will be imposed. This relief includes taxpayers who previously received extensions.

Returns covered within the Department of Finance Memorandum include:

• General Corporation Tax, Unincorporated Business Tax and Banking Corporation Tax
• Commercial Rent Tax (“CRT”) and Hotel Room Occupancy
• Real Property Transfer Tax
• Cigarette Tax and Utility Tax

Qualified Taxpayers
The relief provided for within the Memorandum applies to those taxpayers who were directly affected by the storm in counties specified by FEMA as eligible for individual assistance which include the following New York Counties (as of September 9, 2011):  Albany, Clinton, Columbia, Delaware, Dutchess, Essex, Greene, Montgomery, Nassau, Orange, Otsego, Putnam, Rensselaer, Rockland, Saratoga, Schenectady, Schoharie, Suffolk, Sullivan, Ulster, Warren, Washington and Westchester.

The relief will also apply to taxpayers directly affected by the storm located in any additional counties in New York State that will be declared disaster areas and will also apply to taxpayers whose tax practitioners reside in or have their principal places of business in a designated counties and were unable to complete work to meet tax filing, payment, and other deadlines on behalf of their clients due to the storm.

Marcum LLP Tax Advisors can assist with any questions related to the filing and payment deadlines. Additional requirements are included for paper filed returns and further instructions can be found at the NYC Department of Finance website (http://www.nyc.gov/html/dof/html/home/home.shtml).