As a result of the impact of Hurricane Helene, the IRS has announced tax relief for individual and businesses affected by the disaster, including the entire states of Alabama, Georgia, North Carolina and South Carolina and parts of Florida, Tennessee and Virginia.
Taxpayers who reside in or whose principal place of business is located in the designated areas qualify for the relief. The tax relief postpones various federal tax filing and payment deadlines that occurred 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. In all of these areas, the relief period ends on May 1, 2025. As a result, affected individuals and businesses will have until May 1, 2025, to file various tax returns and pay certain taxes that were originally due during this period.
Affected taxpayers with returns and payments with due dates already postponed until February 3, 2025, due to Hurricane Debby will also have until May 1, 2025, to file and/or pay.
The following are some of the more notable federal deadlines that are now extended to May 1, 2025:
- Any 2024 federal individual or business income tax return normally due March 15 or April 15, 2025, is now due May 1, 2025.
- Any federal quarterly estimated income tax payments due within the relief period. For example, individual and calendar year corporations have 4th quarter federal estimated tax payments due within the relief period. They are now due May 1, 2025.
- Any 2023 federal individual or business income tax returns that are on extension and due within the relief period, are now due May 1, 2025.
- The IRS has noted that because the payment related to a 2023 individual or corporate tax return was due on April 15, 2024, any payment of tax due related to that tax return will not be eligible for relief and should be paid as soon as possible.
Please note that this guidance is only related to your federal filing/payment obligations and the disaster tax relief provided by state taxing authorities may differ from federal tax relief.
For information on North Carolina state tax relief for taxpayers impacted by Hurricane Helene, click here.
If you have any questions about how this relief impacts you or your business, please don’t hesitate to reach out to your trusted BRC tax advisor.
The information contained in this article is for informative purposes only and should not be relied on when making any business, legal, or other decisions. This information may be updated without notice and/or may not contain the most current information that is available related to this topic.