INFORMATION FOR THOSE
WHO EXPERIENCED HURRICANE SANDY
Revised
January 6, 2013
The blog has
a number of entries that are specific to the hurricane that affected a major
portion of the East Coast of the United States in late October 2012.
There are a number
of websites that will assist you if you need non-income tax assistance. This
blog is dedicated to federal income tax issues.
There are
several entries in the blog that are specific to the hurricane area. These
entry listings are specific to the issue of what areas qualify for Federal disaster relief under the federal
Internal Revenue Code. Several of them are updated with current information
as FEMA issues new Presidential Disaster Declarations.
DISASTER DECLARATIONS
On October
30, 2012 the President declared selected counties in four states “FEDERAL DISASTER AREAS,” but only
counties in these four states, the other eight states were not declared.
INITIAL DISASTER DECLARATIONS AND
LATER ADDITIONS
As the
hurricane was starting to pound the eastern states, the President declared
counties in four state federal disaster areas., These are listed below.
|
Number
|
Declaration Date
|
State
|
Incident
Description
|
|
10/30/2012
|
Connecticut
|
||
|
10/30/2012
|
New Jersey
|
||
|
10/30/2012
|
New York
|
||
|
10/18/2012
|
Florida
|
Over the
next two months the President issued “disaster
declarations” for counties in the other eight states culminating with Massachusetts declared
on December 19, 2012. The eight states are listed below.
|
Number
|
Declaration Date
|
State
|
Incident Description
|
|
|
1/3/2013
|
Ohio
|
|||
|
4097
|
12/19/2012
|
Massachusetts
|
Hurricane Sandy
|
|
|
4096
|
12/06/2012
|
District of Columbia
|
Hurricane Sandy
|
|
|
4095
|
11/28/2012
|
New Hampshire
|
Hurricane Sandy
|
|
|
4093
|
11/27/2012
|
West Virginia
|
Hurricane Sandy
|
|
|
4092
|
11/26/2012
|
Virginia
|
Hurricane Sandy
|
|
|
4091
|
11/20/2012
|
Maryland
|
Hurricane Sandy
|
|
|
4090
|
1/16/2012
|
Delaware
|
Hurricane Sandy
|
|
|
11/3/2012
|
Rhode Island
|
|||
Current SBA Disaster Declarations
Disaster declarations issued through the Small Business Administration are issued by the Secretary of Agriculture not the President.“SBA provides low interest disaster loans to homeowners, renters, businesses of all sizes and private, nonprofit organizations to repair or replace real estate, personal property, machinery & equipment, inventory and business assets that have been damaged or destroyed in a declared disaster. View the current Presidential and SBA Agency disaster declarations for your area below.”
|
STATES
|
DECLARATION #
|
INCIDENT
|
INCIDENT PERIOD
|
EFFECTIVE
|
|
Connecticut
|
13420, 13421
|
Leominster Commercial and
Residential Complex Fire
|
11/24/2012
|
12/12/2012
|
|
Massachusetts
|
|
|
|
|
|
New Hampshire
|
|
|
|
|
|
Rhode Island
|
|
|
|
|
|
Connecticut
|
13369, 13370
|
Connecticut Hurricane
Sandy
|
10/27/2012 through 11/08/2012
|
10/30/2012
|
|
Maryland
|
13435, 13436
|
Maryland Hurricane Sandy
|
10/26/2012 through 11/04/2012
|
1/2/2013
|
|
Maryland
|
13425, 13426
|
Hurricane Sandy
|
10/26/2012 through 11/04/2012
|
12/14/2012
|
|
Massachusetts
|
13417, 13418
|
Massachusetts Natural Gas
Explosion
|
11/23/2012
|
12/11/2012
|
|
Massachusetts
|
13348, 13349
|
Massachusetts Severe
Storms and Flooding
|
9/5/2012
|
10/22/2012
|
|
New Jersey
|
13367, 13368
|
New Jersey Hurricane Sandy
|
10/26/2012 through 11/08/2012
|
10/30/2012
|
|
New York
|
13341, 13342
|
New York Heavy Rain and
Flooding
|
9/18/2012
|
10/10/2012
|
|
New York
|
13365, 13366
|
New York Hurricane Sandy
|
10/27/2012 and continuing.
|
10/30/2012
|
|
North Carolina
|
13382, 13383
|
Hurricane Sandy
|
10/27/2012 through 10/30/2012
|
11/8/2012
|
|
Rhode Island
|
13387, 13388
|
Rhode Island Hurricane
Sandy
|
10/26/2012 through 10/31/2012
|
11/14/2012
|
|
Rhode Island
|
13387, 13388
|
Rhode Island Hurricane
Sandy
|
10/26/2012 through 10/31/2012
|
11/14/2012
|
|
Virginia
|
13413, 13414
|
Tidal Surge, Rain and Wind
from Hurricane Sandy
|
10/28/2012
|
12/7/2012
|
For citizens
and business, the SBA declarations make available low interest loans. The SBA
declarations are independent of the “DISASTER
DECLARATIONS” issued by the President through FEMA. Only the “DISASTER DECLARATIONS” issued by the
President through FEMA make available special tax benefits of the tax code.
Whle twelve
states were recognized as states that were anticipated to be in the path of the
Hurricane. Not all of them ended up being designated as Federal Disaster Areas
by the President in ;the early days of and after the event. We have made every
effort to update the blog entries listed below with the current information
regarding what counties in which states have been designated by the President
as FEDERAL DISASTER AREAS. We found
that the IRS website was not necessarily current with the information that was
being posted on the FEMA site. Eventually, the IRS will be current.
There are a
number of tax issues that will affect those of you who have been affected by
the Hurricane. No one’s story is the same as anyone else. Check out the “Process
of Recovery – Contents.” Also the list of Blog Topics should be looked at for
narrow topic areas.
If you have
question that does not seem to be addressed, send me an email: Joh@TrapaniCPa.com . I will make every effort to respond to all requests, some by an entry
in the blog, others, by directing the writer to an existing entry, others by
direct email response.
Our wishes
for a successful recovery are with you.
|
HURRICANE SANDY – OCTOBER 30, 2012
TITLES & DATE OF ORIGINAL ARTICLES
POSTINGS
RELATED TO HURRICANE SANDY
|
||
|
Date Posted
|
Blog Topic
|
|
|
2-6-2013
|
CAN
COOPERATIVE HOUSING CORPORATION STOCKHOLDERS DEDUCT STRUCTURAL DAMAGES DUE TO
SANDY
|
|
|
1-10-2013
|
LOSS VALUATION - COST Of REPAIRS METHOD FAQs
|
|
|
1-6-2013
|
OHIO ADDED TO HURRICANE SANDY DISSTER
LIST
|
|
|
11-21-2012
|
FROM IRS WEBSITE, “AROUND THE NATION” NOVEMBER 21, 2012:
|
|
|
11-20-2012
|
HOW
DOES AN ORDER TO DEMOLISH AFFECT YOU TAX STATUS?
|
|
|
11-17-2012
|
2012 DISASTERS - MORE THAN “SANDY”
|
|
|
11/5/2012
|
HURRICANE SANDY -
SCHEDULE OF PROFESSIONAL EDUCATION WEBCASTS FOR CPAS
|
|
|
11/2/2012
|
DOES
YOUR LOSS QUALIFY AS A DISASTER?
|
|
|
10/30/2012
|
HURRICANE SANDY – FEMA DISASTER DECLARATIONS
|
|
|
10/29/2012
|
HURRICANE SANDY – NO DISASTER
DECLARATION YET
|
|
As
of October 29, 2012, (9:30 EDT) the FEMA website reported that the President
has issued “Emergency Declarations” for eleven states. The “Emergency Declaration”
made federal money available to local governments. But this is not a “Disaster
Declaration.” Only a “Disaster Declaration” makes special tax
benefits available to individual citizens and non-governmental organizations
such as businesses.
Here
is a list of the Declarations:
Declaration Type: Emergency Declaration, Incident Description: Hurricane Sandy
|
EM Number
|
Declaration Date
|
State
|
|
10/28/2012
|
Maryland
|
|
|
10/28/2012
|
Massachusetts
|
|
|
10/28/2012
|
New York
|
|
|
10/28/2012
|
District of Columbia
|
|
|
10/28/2012
|
Connecticut
|
|
|
10/28/2012
|
New Jersey
|
|
|
10/29/2012
|
Rhode Island
|
|
|
10/29/2012
|
Pennsylvania
|
|
|
10/29/2012
|
Delaware
|
|
|
10/29/2012
|
West Virginia
|
|
|
10/29/2012
|
Virginia
|
|
|
10/30/2012
|
New Hampshire
|
All rights to reproduce or quote any part of the chapter in any
other publication are reserved by the author. Republication rights limited by
the publisher of the book in which this chapter appears also apply.
|
JOHN TRAPANI
|
||
|
Certified
Public Accountant
|
||
|
2975
E. Hillcrest Drive #403
|
||
|
Thousand
Oaks, CA 91362
|
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 (805)
497-4411 E-mail John@TrapaniCPA.com |
||
|
Website: www.TrapaniCPA.com
|
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|
Blog:
www.AccountantForDisasteRrecovery.com
|
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It
All Adds Up For
You
|
||
|
|
This material was contributed by John Trapani. A Certified
Public Accountant who has assisted taxpayers since 1976, in analyzing and
reporting transactions of the type covered in this material.
Internal Revenue Service Circular 230
Disclosure
This is a general discussion of tax law. The
application of the law to specific facts may involve aspects that are not
identical to the situations presented in this material. Relying on this
material does not qualify as tax advice for purpose of mounting a defense of a
tax position with the taxing authorities
The analysis of the tax consequences of any
event is based on tax laws in effect at the time of the event.
This material was completed on the date of the posting
© 2012, 2013, John Trapani, CPA,
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