UPDATED – IRS Extends Tax Relief to Victims of Hurricane Idalia in Florida, South Carolina by Steven Rubin, CPA
Posted on September 13, 2023
by
Steven Rubin
The IRS has extended until Feb. 15, 2024, various tax-filing and tax-payment deadlines for individuals and businesses recently impacted by Hurricane Idalia, which first made landfall on Florida’s west coast on Aug. 27, 2023.
The postponed deadline applies automatically to taxpayers with homes or businesses located in the following jurisdictions declared as federal disaster areas:
- Florida’s Alachua, Baker, Bay, Bradford, Brevard, 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, Orange, Osceola, Pasco, Pinellas, Polk, Putnam, Sarasota, Seminole, St. Johns, Sumter, Suwannee, Taylor, Union, Volusia and Wakulla counties.
- Georgia’s Appling, Atkinson, Bacon, Berrien, Brantley, Brooks, Bulloch, Camden, Candler, Charlton, Clinch, Coffee, Colquitt, Cook, Echols, Emanuel, Glynn, Jeff Davis, Jenkins, Lanier, Lowndes, Pierce, Screven, Tattnall, Thomas, Tift, Ware and Wayne counties.
- All of South Carolina
The relief also applies to:
- Businesses that do not have operations in South Florida and the affected Florida counties but do maintain records in the state;
- Estates and trusts that have records required to meet their tax filing and payment deadlines located anywhere in South Carolina and the affected Florida counties;
- Spouses of affected taxpayers who file joint tax returns; and
- Individual relief workers assisting in a covered disaster area, regardless of whether they are affiliated with recognized government or philanthropic organizations.
The tax reporting and payment obligations qualifying for the Feb. 15, 2024, deadline without risk of penalty include:
- 2022 individual tax returns with a valid extension to file on Oct. 16, 2023 (Note: the relief does not apply to tax payments related to 2022 tax returns, which were due on April 18, 2023;
- Individuals’ quarterly estimated tax payments with regular due dates of Sept. 15, 2023, and Jan. 16, 2024.
- 2022 tax returns for calendar-year partnerships and S corporations with a valid extension to file on Sept. 15, 2023;
- 2022 tax returns for calendar-year corporations with a valid extension to file on Oct. 16, 2023;
- 2022 tax returns for tax-exempt organizations with an extended filing deadline of Nov. 15, 2023; and
- Business quarterly payroll and excise tax return filings with original due dates of Oct. 31, 2023, and Jan. 31, 2024.
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 for 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.
Taxpayers who incurred casualty losses due to Hurricane Idalia can claim a disaster-related casualty loss on their 2022 or 2023 federal income tax returns. Please consult your tax advisors to determine which option is best suited to your unique needs and circumstances.
About the Author: Steven Rubin, CPA, is a senior manager of Tax Services with Berkowitz Pollack Brant Advisors and CPA, where he provides federal, state and local tax compliance and consulting services to corporations, closely held businesses and high-net-worth families. He can be reached at the CPA firm’s Ft. Lauderdale, Fla., office at (954) 712-7000 or info@bpbpcpa.com.
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