All people and businesses impacted by Hurricane Helene, including those in the whole states of Alabama, Georgia, North Carolina, and South Carolina as well as portions of Florida, Tennessee, and Virginia, are eligible for disaster tax relief, according to a statement released today by the Internal Revenue Service.
The current deadline for filing various federal individual and corporate tax returns and making tax payments for taxpayers in certain locations is May 1, 2025.
This covers, among other things, quarterly projected tax payments, 2023 individual and corporate filings with legitimate extensions, and 2024 individual and business returns that are typically due in March and April 2025.
The IRS is providing assistance to any region that the Federal Emergency Management Agency (FEMA) has designated.
This presently encompasses 41 counties in Florida, eight counties in Tennessee, six counties and one city in Virginia, as well as all of Alabama, Georgia, North Carolina, and South Carolina.
Tax reduction is available to people and households who live or operate a business in any of these localities.
Other states and municipalities that get FEMA disaster declarations connected to Hurricane Helene will be eligible for the same relief. Here is the most recent list of localities that qualify.
Beginning on September 22, 2024, in Alabama; September 23, in Florida; September 24, in Georgia; September 25 in North Carolina, South Carolina, and Virginia; and September 26 in Tennessee, the tax relief delays a number of tax filing and payment dates.
The relief period (postponement period) in each of these states concludes on May 1, 2025.
Consequently, the deadline for filing returns and paying any taxes that were initially due during this time will be May 1, 2025, for impacted individuals and corporations.
For instance, this implies that the deadline of May 1, 2025, will now be applicable to:
- Any person or company has a 2024 return that is typically due in March or April of 2025.
Any person, company, or tax-exempt entity with a legitimate extension to submit their federal return for 2023. - However, the IRS pointed out that since the payments on these reports were due last spring before the catastrophe, they are not eligible for the extension.
- Quarterly projected income tax payments for 2024 are typically due on January 15, 2025, and those for 2025 are typically due on April 15, 2025.
- Quarterly payroll and excise tax returns are typically due on January 31 and April 30, 2025, as well as October 31, 2024.
Additionally, companies that deposit payroll and excise taxes are receiving penalty relief from the IRS. States have different relief times.
Source: Yahoo
