WASHINGTON — As part of the administration's continued support for states and local partners impacted by Hurricane Sandy, the Treasury Department and the Internal Revenue Service today announced that they will waive low-income housing tax credit rules that prohibit owners of low-income housing from providing housing to victims of Hurricane Sandy who do not qualify as low-income. The action will expand the availability of housing for disaster victims and their families.
Because of the widespread devastation to housing caused by Hurricane Sandy, the Treasury Department and the IRS will temporarily suspend income limitation requirements and non-transient requirements for qualified low-income housing projects that provide housing to victims of Hurricane Sandy.
The President has declared that major disasters exist in Connecticut, New York and New Jersey, making federal funding available to affected individuals in designated counties through the Federal Emergency Management Agency (FEMA). Assistance can include grants for temporary housing and home repairs, low-cost loans to cover uninsured property losses, and other programs to help individuals and business owners recover from the effects of the disaster. FEMA has also approved Transitional Sheltering Assistance (TSA) in New York and New Jersey for eligible disaster survivors who have a continuing need for shelter because they are unable to return to their homes for an extended period of time. Individuals and business owners who sustained losses can apply for assistance from FEMA by calling 1-800-621-FEMA (3362) via mobile device at m.fema.gov, or online at http://apps.irs.gov/app/scripts/exit.jsp?dest=http://www.disasterassistance.gov/.
January 1 — Everyone
Federal Holiday (New Year's Day) - Details
January 12 — Employees who work for tips
If you received $20 or more in tips during December, report them to your employer - Details
January 12 — Communications and air transportation taxes under the alternative method.
Deposit the tax included in amounts billed or tickets sold during the first 15 days of December 2014.
January 14 — Regular method taxes
Deposit the tax for the last 16 days of December 2014.
January 15 — Individuals
Make a payment of your estimated tax for 2014 if you did not pay your income tax for the year through withholding (or did not pay in enough tax that way). Use Form 1040-ES - Details
January 15 — Farmers & fishermen
Pay your estimated tax for 2014 using Form 1040-ES - Details
January 15 — Social security, Medicare, and withheld income tax
If the monthly deposit rule applies, deposit the tax for payments in December 2014
January 15 — Nonpayroll withholding. January 20 — Everyone January 27 — Communications and air transportation taxes under the alternative method. January 29 — Regular method taxes
If the monthly deposit rule applies, deposit the tax for payments in December 2014.
Federal Holiday (Birthday of Martin Luther King, Jr./Inauguration Day) - Details
Deposit the tax included in amounts billed or tickets sold during the last 16 days of December 2014.
Deposit the tax for the first 15 days of January.
January 20 — Everyone
January 27 — Communications and air transportation taxes under the alternative method.
January 29 — Regular method taxes