New York State Tax Update: IRS Provides Tax Relief for Recent Western New York Snowstorm

On December 2, 2022, the IRS issued NY-2022-08, which provides relief for victims of a severe winter storm that began on 11/18/2022. This relief provides an extension of time to file returns and pay any taxes that were or are due during the relief period, for individuals that reside or have a business in Cattaraugus, Chautauqua, Erie, Genesee, Jefferson, Lewis, Niagara, Oneida, Oswego, St. Lawrence, and Wyoming counties. The relief period generally includes all returns normally due on or after 11/18/22 and before 3/15/2023, including:

• Quarterly estimated income tax payments
• Quarterly payroll and excise tax returns
• Individual and business returns with original or extended due dates within the relief period

Additionally, penalties on payroll and excise tax deposits due on or after 11/18/22 and before 12/5/2022 will be abated if the deposits are made by 12/5/2022 (check with your payroll provider).

This is a fluid situation, as we receive additional guidance, we will communicate it to you. As of this date, NYS has not announced conformity with this notice.

If you have any questions or would like additional information, please contact a member of our tax team at info@freedmaxick.com or call 716-847-2651.