The Internal Revenue Service (IRS) has announced an extension for the tax filing deadlines for those impacted by Hurricanes Helene and Milton. This extension provides much-needed respite in the aftermath of these natural disasters.
Details, deadlines, and the implications of this extension for enterprises and individuals will be addressed in this article.
Key Deadlines Extended
As per the IRS’s announcement, the deadline for filing tax returns and making payments for multiple federal tax obligations for individuals and businesses situated in federally declared disaster areas that were affected by Hurricanes Helene and Milton has been extended to May 1, 2025.
Who is eligible for the extension?
The extension is applicable to taxpayers in specific disaster-designated areas in multiple states, such as Alabama, Florida, Georgia, North Carolina, South Carolina, Tennessee, and Virginia.
Victims who were previously granted an extension to submit their 2023 federal income tax returns by October 15, 2024, are now permitted to do so by May 1, 2025. This extension also encompasses a variety of other tax forms that are due between October 5, 2024, and May 1, 2025.
Tax Relief Details
- 2024 Federal Tax Returns: Individuals and businesses that are required to file their 2024 returns in March or April 2025 may now do so by May 1, 2025. This is applicable to tax-exempt organizations and conventional tax returns.
- 2023 Federal Tax Returns: In addition, taxpayers who had previously been granted an extension to file their 2023 tax returns until October 15, 2024, are included. Nevertheless, it is crucial to acknowledge that the IRS does not extend the deadlines for tax payments that were originally due in 2024.
- Estimated Tax Payments: The respite is applicable to estimated income tax payments for both January 15, 2025, and April 15, 2025, providing taxpayers with an extension of time to file.
- Payroll and Excise Taxes: The new deadline for quarterly payroll and excise tax returns is April 30, 2025, January 31, 2025, and October 31, 2024.
Areas Covered
The tax relief is applicable to residents of federally declared disaster areas that have been affected by these hurricanes. Among others, the IRS identified a number of counties in Florida, such as Miami-Dade, Palm Beach, Monroe, and Sarasota. Carter, Greene, and Washington counties in Tennessee are eligible for relief, as are specific counties in Virginia, Alabama, Georgia, and the Carolinas.
| State | Counties Impacted by Extension |
|---|---|
| Florida | Miami-Dade, Monroe, Sarasota, Palm Beach, Lee, Hillsborough |
| Tennessee | Carter, Greene, Washington, Unicoi |
| Georgia | Includes affected disaster-declared areas, full list on IRS |
| Alabama | Extension on a case-by-case basis |
| North Carolina | All declared disaster areas, including coastal regions |
| Virginia | Counties including Bedford, Buchanan, and Montgomery |
Supplementary Relief: Document Replacement and Assistance
The IRS is providing victims with assistance in the replacement of tax records that may have been lost or destroyed in the calamity, in addition to the extended deadlines. By contacting the IRS, taxpayers may obtain complimentary copies of their tax return transcripts.
The IRS advises taxpayers to contact their support hotline in order to request abatement if they receive a penalty notice for late filing or payment during the extension period. If you have any questions regarding tax relief, please contact the IRS’s disaster assistance line at 866-562-5227.
State Tax Deadlines
Even though the federal deadlines have been extended, taxpayers should be aware that not all state governments have synchronized their deadlines with the IRS extension. For instance, Georgia and North Carolina have announced comparable extensions; however, Alabama and other states are conducting individual assessments of tax relief applications. Taxpayers in those jurisdictions should seek guidance from their respective state tax departments.
The IRS’s extended deadlines offer substantial respite to taxpayers in disaster-affected regions, enabling them to manage their financial recovery with additional time. This extension alleviates immediate financial burdens for both businesses and individuals by applying to payroll taxes and quarterly estimated taxes in addition to federal tax returns.
It is essential to remain informed of all deadlines and to contact the IRS for any additional assistance with your specific tax situation if you are impacted by these hurricanes. For additional details, please refer to the IRS’s Disaster Assistance and Emergency Relief webpage.
