The Internal Revenue Service (IRS) has announced significant tax relief measures for individuals and businesses in Connecticut and New York affected by severe storms and flooding that began on August 18, 2024. Areas impacted, including Suffolk County in New York and Fairfield, Litchfield, and New Haven counties in Connecticut, are now eligible for an extension on filing various federal tax returns and payments until February 3, 2025.
This relief applies to any area designated by the Federal Emergency Management Agency (FEMA). The IRS will automatically extend filing and penalty relief to taxpayers residing in the designated disaster areas without the need for additional action on their part.
Filing and Payment Relief Details
The new deadline of February 3, 2025, encompasses:
- Individuals and businesses with a valid extension to file their 2023 federal returns, even if payments were due prior to the storms.
- 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.
Furthermore, penalties for payroll and excise tax deposits due between August 18, 2024, and September 3, 2024, will be waived if payments are submitted by September 3, 2024.
Claiming Disaster-Related Losses
Residents within federally declared disaster areas who incur uninsured or unreimbursed losses can elect to claim these losses on their 2024 or 2023 federal tax returns, with an election deadline of October 15, 2025. When filing a loss claim, taxpayers must include FEMA declaration numbers 3612-EM (Connecticut) and 3613-EM (New York) on their returns.
Additional Relief and Guidance Available
For comprehensive information, taxpayers can visit the IRS website and consult Publication 547 regarding casualties, disasters, and thefts, as well as Publication 525 concerning taxable and nontaxable income.
