Hurricane Debby Tax Deadlines Extended!

IRS has issued News Releases 2024-205 & 2024-209 which provide relief for businesses and individuals residing in the specified counties in Florida, Georgia, North Carolina, South Carolina and Vermont affected by Hurricane Debby by extending certain tax deadlines falling between August 1, 2024 and before February 3, 2025.

Individuals with a valid extension to file their 2023 return by October 15, 2024 have until February 3, 2025 to file. However, IRS notes that because tax payments related to these 2023 returns were due on April 15, 2024, those payments are not eligible for this relief.

Quarterly estimated tax payments due on September 16, 2024 and January 15, 2025 have also been extended to February 3, 2025.

Reports of Foreign Bank and Financial Accounts (FBARs) for calendar year 2023 which would otherwise be due on October 15, 2024 are now extended until February 3, 2025 for those residing within the affected counties.

Businesses with an original or extended due date also have until February 3, 2025 to file. This includes, among others, calendar-year corporations whose 2023 extensions run out on September 16, 2024 or October 15, 2024. Similarly, tax-exempt organizations also have additional time, including for 2023 calendar-year returns with extensions due to run out on November 15, 2024.

The Florida Department of Revenue has also extended the due dates for Florida corporations required to file corporate income tax returns. Florida corporate returns with original or extended due dates between August 1, 2024 and before February 18, 2025 now have until February 18, 2025 to file.

The South Carolina Department of Revenue has also announced extension of their state income tax return deadlines for individuals and businesses until February 3, 2025.

Quarterly payroll and excise tax returns which would normally be due October 31, 2024 and January 31, 2025 are also extended to February 3, 2025. Payroll tax deposits are not extended. IRS will only grant abatement for late payroll tax deposits in Florida if deposits due on or after August 1 and before August 16, 2024 are made by August 16, 2024. For those in Georgia and South Carolina, payroll tax penalties for late payroll tax deposits due on or after August 4, 2024 and before August 19, 2024, will be abated if made by August 19, 2024. North Carolina’s period of payroll tax penalty abatement is August 5, 2024 to August 20, 2024.

The IRS will work with any taxpayer who lives outside the disaster areas, but whose records necessary to meet a deadline occurring during the postponement period are located in the affected areas. Any taxpayers affected by Debby who live outside the disaster areas should contact IRS at 866-562-5227. Anyone with an address within the disaster areas is automatically extended and does not need to contact IRS.

Individuals and businesses within these federally declared disaster areas may be eligible to claim a casualty loss for unreimbursed disaster-related losses. These losses can be claimed on a 2023 or 2024 tax return. Please keep detailed records and receipts for any repairs done due to the hurricane as well as any insurance claims reports.

Please contact us if you have any questions or need assistance with your taxes.