Small Tax-Exempt Organizations
Small tax-exempt organizations affected by Hurricane Sandy have until February 1, 2013 to apply for reinstatement of their exempt status.
Who Qualifies? The organization’s principal place of business or its records must be located in the covered disaster area. Organizations located outside the affected areas must still apply for transitional relief by December 31, 2012.
Employer-Sponsored Retirement Plans
The Internal Revenue Service announced that 401(k)s and similar employer-sponsored retirement plans can make loans and hardship distributions to victims of Hurricane Sandy and members of their families.
Source: http:///www.irs.gov
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