The Internal Revenue Service (IRS) has announced tax relief measures for individuals and businesses affected by Hurricane Idalia in South Carolina. The relief extends the federal tax returns and payments deadline until February 15, 2024. This relief applies to all 46 counties in South Carolina, as designated by the Federal Emergency Management Agency (FEMA).
Here are the key details of the tax relief for those affected by Hurricane Idalia
Filing and Payment Relief:
Taxpayers affected by Hurricane Idalia have until February 15, 2024, to file their federal individual and business tax returns and make any tax payments originally due between August 29, 2023, and February 15, 2024.
Examples of Deadline Extensions:
- Quarterly estimated income tax payments due on September 15, 2023, and January 16, 2024, are also due on February 15, 2024.
- Quarterly payroll and excise tax returns due on October 31, 2023, and January 31, 2024, now have a deadline of February 15, 2024.
- Calendar-year partnerships, S corporations, and corporations with 2022 extensions expiring in September or October 2023 have a new deadline of February 15, 2024.
- Calendar-year tax-exempt organizations with extensions expiring in November 2023 also have until February 15, 2024, to file.
Penalty Abatement: Penalties for failing to make payroll and excise tax deposits between August 29, 2023, and September 13, 2023, will be waived if the deposits are made by September 13, 2023.
Automatic Relief: The IRS automatically provides relief to taxpayers with an IRS address of record in the disaster area. They do not need to contact the IRS for this relief.
Unique Circumstances: If an affected taxpayer does not have an IRS address of record in the disaster area (e.g., they moved there after filing their return), they may receive a penalty notice. In such cases, they should call the number on the notice to have the penalty waived.
Records Outside the Disaster Area: Taxpayers outside the disaster area who need to meet a deadline during the postponement period but have their records in the affected area should contact the IRS at 866-562-5227 for assistance.
Additional Tax Relief:
Individuals and businesses with uninsured or unreimbursed disaster-related losses can claim them on their 2022 or 2023 tax returns.
- Qualified disaster relief payments are generally excluded from gross income.
- Special disaster distribution and hardship withdrawal options may be available for retirement plans and IRAs.
The IRS may provide further disaster relief in the future as needed. This tax relief is part of the federal response to Hurricane Idalia’s impact. It is based on FEMA’s local damage assessments.
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