Hurricane Helene has been devastating for individuals and businesses alike, causing significant physical, emotional, and financial harm. Recognizing this, the IRS has stepped in with tax relief provisions to help ease the financial burden, offering crucial support during these challenging times.
On October 1, 2024, the IRS announced tax relief for disaster areas designated by FEMA, which includes entire states like Alabama, Georgia, North Carolina, and South Carolina, as well as parts of Florida, Tennessee, and Virginia. Be sure to check the complete list of eligible states and counties on the IRS website to confirm if your location qualifies for this relief.
Individual Tax Relief Overview
Individuals in the impacted areas now have until May 1, 2025, to file their 2024 federal tax returns or submit any remaining 2023 returns that were under an extension.
Although the deadline for filing the 2023 return has been extended, taxes due for 2023 should have been paid by April 15, 2024, and are not eligible for further relief.
Additionally, estimated tax payments, originally due on January 15 and April 15, 2025, are now extended until May 1, 2025.
Business Tax Relief Overview
Corporate tax returns due in March or April 2025 have been pushed to May 1, 2025. This extension also applies to 2023 returns filed under an extension.
Quarterly estimated tax payments, which would have been due on January 15 and April 15, 2025, have also received extensions to May 1, 2025.
The deadlines for quarterly payroll and excise tax returns have been extended to May 1, 2025, instead of their original due dates of October 31, 2024, January 31, 2025, and April 30, 2025.
The IRS has announced penalty relief for late payroll and excise tax deposits. Business owners are advised to check specific guidelines as this relief can vary by state.
Claiming Uninsured Disaster Losses
Individuals or businesses that suffered uninsured or unreimbursed disaster-related losses can claim these as deductions. You have the option of reporting these losses on your 2024 tax return or electing to claim them on your 2023 return.
Consider which year’s tax return is more advantageous for claiming these deductions, and consult a professional if unsure. Our firm is available to assist with these evaluations and ensure you make the most of the available relief.
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