The Internal Revenue Service issued tax relief for individuals and businesses affected by Idalia in parts of Florida this week.
Taxpayers affected by the storm beginning on Aug. 27, 2023, now have until Feb. 15, 2024, to file various individual and business tax returns and make tax payments.
According to the IRS, individuals and households affected by Idalia that reside or have a business in Alachua, Baker, Bay, Bradford, Calhoun, Charlotte, Citrus, Clay, Collier, Columbia, DeSoto, Dixie, Duval, Flagler, Franklin, Gadsden, Gilchrist, Gulf, Hamilton, Hardee, Hernando, Hillsborough, Jefferson, Lafayette, Lake, Lee, Leon, Levy, Liberty, Madison, Manatee, Marion, Nassau, Pasco, Pinellas, Polk, Putnam, Sarasota, Seminole, St. Johns, Sumter, Suwannee, Taylor, Union, Volusia and Wakulla counties in Florida qualify for tax relief.
The declaration permits the IRS to postpone certain tax-filing and tax-payment deadlines for taxpayers who reside or have a business in the disaster area. For instance, certain deadlines falling on or after Aug. 27, 2023, and before Feb. 15, 2024, are granted additional time to file.
That means affected individuals and businesses will have until Feb. 15, 2024, to file returns and “pay any taxes that were originally due during this period.” This includes 2022 individual income tax returns due on Oct. 16, 2023.
However, the IRS noted that because tax payments related to these 2022 returns were due on April 18, 2023, those payments are not eligible for this relief.
The Feb. 15, 2024, deadline also applies to quarterly estimated tax payments, normally due on Sept. 15, 2023, and Jan. 16, 2024.
In addition, businesses with an original or extended due date including, among others, calendar-year partnerships and S corporations whose 2022 extensions run out on Sept. 15, 2023, and calendar-year corporations whose 2022 extensions run out on Oct. 16, 2023, also qualify for the Feb. 15, 2024 deadline.
Penalties on payroll and excise tax deposits due on or after Aug. 27, 2023, and before Sept. 11, 2023, will be abated as long as the tax deposits are made by Sept. 11, 2023.
If an affected taxpayer receives a late filing or late payment penalty notice from the IRS that has an original or extended filing, payment or deposit due date that falls within the postponement period, the taxpayer should call the telephone number on the notice to have the IRS abate the penalty.
The IRS automatically identifies taxpayers located in the covered disaster area and applies filing and payment relief. But affected taxpayers who reside or have a business located outside the covered disaster area should call the IRS disaster hotline at 866-562-5227 to request this tax relief.
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