IRS Offers Disaster Relief for Taxpayers Affected by Hurricane Helene
In light of the significant impact and devastation caused by Hurricane Helene, the IRS has announced several forms of disaster relief to assist taxpayers in the recovery process.
These measures include:
- Extended Deadlines: The IRS is extending the due dates of various tax filings and time sensitive elections, as well as payment deadlines for individuals and businesses in the affected areas. The new deadline for affected taxpayers to file returns and pay any taxes due is May 1, 2025. The filings include business and individual tax returns, estimated payment deadlines and nonprofit tax returns.
- Penalty Waivers: Depending on location, penalties on payroll and excise tax deposits due on or after your location’s FEMA designation (September 22, 2024 – September 25, 2024) through May 1, 2025, will be abated as long as the deposits are made by May 1, 2025.
- Casualty Loss Claim: Taxpayers may claim unreimbursed disaster-related losses on their federal income tax returns for the year the loss occurred or the previous year. Please refer to IRS Publication 547 for detailed guidance.
These relief provisions are available to individuals and businesses in the areas designated by the Federal Emergency Management Agency (FEMA) as qualifying for individual assistance. This includes residents and businesses in Alabama, Georgia, North Carolina and South Carolina, as well as certain areas of Florida, Tennessee and Virginia. Please visit the IRS Disaster Relief page for a complete list of eligible areas and more details.
To learn more about how this extension affects you and your business, please contact your Warren Averett advisor directly.