ECNETNews reports that the Internal Revenue Service (IRS) has launched a significant tax relief initiative for individuals and businesses affected by Hurricane Debby across South Carolina, Florida, North Carolina, and Georgia. This relief plan includes the extension of various tax filing and payment deadlines to February 3, 2025.
Affected Areas
The IRS is providing assistance to all regions designated by the Federal Emergency Management Agency (FEMA). Currently, eligible areas include:
- South Carolina: All 46 counties.
- Florida: 61 counties, including major areas.
- Georgia: 55 counties, inclusive of key regions.
- North Carolina: 66 counties, comprising prominent localities.
Additional regions may be recognized as damage assessments progress. The current list of impacted localities is available through official IRS communications.
Extended Deadlines
The tax relief extends various filing and payment deadlines that began on:
- August 1, 2024: In Florida.
- August 4, 2024: In Georgia and South Carolina.
- August 5, 2024: In North Carolina.
The February 3, 2025, deadline applies to:
- Individuals, businesses, or tax-exempt organizations with a valid extension for filing their 2023 federal return.
- Quarterly estimated income tax payments due on September 16, 2024, and January 15, 2025.
- Quarterly payroll and excise tax returns due on October 31, 2024, and January 31, 2025.
Penalties and Additional Relief
Tax penalties for unpaid payroll and excise tax deposits due from August 1 to August 16, 2024, in Florida, will be waived if payments are made by August 16, 2024. Similar relief measures are established for South Carolina, Georgia, and North Carolina.
The IRS automatically grants filing and penalty relief to taxpayers with registered addresses in the disaster areas. Taxpayers who may have been affected but do not have an address in these areas are encouraged to reach out to the IRS for assistance.
Taxpayers in federally declared disaster zones who have sustained uninsured or unreimbursed losses may elect to claim these on either their 2024 or 2023 tax returns. The IRS also offers additional disaster relief options, including special provisions for retirement plan distributions.
For comprehensive information regarding disaster recovery and tax relief options, stay tuned to ECNETNews.
