In the wake of Hurricane Helene’s devastation across the Southeastern U.S., the IRS has announced significant tax relief for those impacted. If you’re a business or individual in Alabama, Georgia, North Carolina, South Carolina, or parts of Florida, Tennessee, or Virginia, here’s what you need to know.
The IRS has extended various tax filing and payment deadlines to May 1, 2025. This relief applies to:
- 2024 individual and business returns normally due in March or April 2025.
- 2023 individual and corporate returns with valid extensions.
- Quarterly estimated tax payments for 2024 due in January and April 2025.
- Quarterly payroll and excise tax returns due in October 2024, January 2025, and April 2025.
In addition, the IRS is providing penalty relief for payroll and excise tax deposits, with specific timelines varying by state.
What if you’re outside the disaster area? Even if you’re located outside the disaster area but have records in an affected region, you may still qualify for relief. Tax preparers can also request bulk disaster relief for their clients.
Additional Relief for Hurricane Helene Victims For individuals and businesses suffering disaster-related losses, there are additional options:
- You can claim uninsured losses on either your 2024 or 2023 tax returns.
- Qualified disaster relief payments can be excluded from your gross income, covering personal and family expenses, home repairs, or contents replacement.
- Special disaster distributions from retirement plans may also apply.
For more detailed guidance on how this impacts your tax filings, contact us today. We’re here to help you navigate the relief and ensure your filings are timely.