IRS extends deadlines for those hit by Sandy

WASHINGTON -- The IRS is extending filing and payment deadlines for taxpayers living in areas of Connecticut, New York and New Jersey affected by Superstorm Sandy.

The tax agency says affected individuals and businesses will have until Feb. 1 next year to file returns and pay any taxes due. The extensions apply to fourth quarter individual estimated tax payments normally due on Jan. 15, 2013, and payroll and excise tax returns and payments for the third and fourth quarters which ordinarily are due Oct. 31 and Jan. 15.

The IRS is also alerting employers that qualified disaster relief payments made to individuals by their employer or others can be excluded from the individuals' taxable income.