The Internal Revenue Service sai+federal individual and corporate tax returns and pay their taxes.
Tax assistance for people and business in four states impacted by Hurricane Debby was announced today by the IRS. In the southeast of the country, Hurricane Debby caused billions of dollars’ worth of damage in addition to leaving a path of death. The Internal Revenue Service (IRS) carried out storm-affected individuals’ relief efforts once the disaster was concluded. The IRS extended the dates for a number of payments and taxpayer responsibilities in an effort to ease the burden on individuals impacted.
Who qualifies for the extension?
- The Federal Emergency Management Agency (FEMA) has designated a disaster region, and businesses inside that area will be eligible for tax relief upon Debby’s passing, according to a statement released by the IRS on Friday, August 9.
- 46 counties are in South Carolina, 61 are in Florida, 55 are in Georgia, and 66 are in North Carolina. Any other counties added to the disaster region by FEMA in the future will get the same aid.
- The DTR section on the IRS website has a list of qualifying localities.
- Whoever receives a legitimate extension has until October 15 to file their 2023 taxes.
- Businesses with a set deadline, such as calendar-year partnerships and S corporations whose 2023 extensions expire on September 16 and calendar-year corporations whose 2023 extensions expire on October 15, are among those having an initial or extended deadline.
Filing and Payment Relief- Important Dates
August 1st in Florida, August 4th in Georgia and South Carolina, and August 5th in North Carolina are the dates on which the tax relief is supposed to start. The IRS announced the deadline of February 3rd will now apply to:
- Anyone had a valid extension to submit their federal return for 2023, whether they are a person, company, or tax-exempt organization; however, since these returns’ payments were due in the spring before the hurricane, they are not eligible for an extension.
- Regular deadlines for quarterly anticipated IT payments are Sep. 16 and January 15.
- Excise tax and payroll reports are typically required on January 31 and October 31 of each year.
If payroll and excise tax deposits are made by August 16th, Florida will waive penalties for late payments made on or before August 1st, provided that the deposits are made by that date. The same is true in South Carolina and Georgia, where fines for missing payroll and excise tax deposits that are due on or before August 4th will be waived if the contributions are made by August 19th. Penalties for not making payroll and excise tax deposits in North Carolina by August 20 will also be reduced if the deposits are made by August 20. These deadlines are August 5 and later.
More Reporting Details
- Tax assistance has been extended to Hurricane Debby sufferers, with some deadlines being pushed back until February 3 of the following year.
- Internal Revenue Service (IRS) stated that taxpayers in some locations of South Carolina, North Carolina, Florida, and Georgia now have an extended period of time to file federal individual and corporate tax returns and make taxes payments.
- The extension covers the period from August 4, 2025, for South Carolina and Georgia, August 5, for North Carolina, and August 1, 2025, for Florida, for tax filing and payment deadlines.
- This implies that any person, business, or tax-exempt organization with a valid extension to submit their 2023 federal return is subject to the new deadline.
- Payments for these returns, however, are not subject to an extension as they were due in the spring of last year, prior to Hurricane Debby
- If the person wants the penalty reduced, they should contact the number listed on IRS Notice 2024-205.
- According to the IRS, it will also cooperate with taxpayers who do not reside in the disaster region but whose records are situated in the impacted area and are required to be submitted by a certain date during the delay period.
- Tax preparers in disaster areas who have customers outside of those areas can use the IRS.gov Bulk Requests from Practitioners for Disaster Relief option.
Jaxon Elias is a writer, poet, and finance expert. He graduated from the Craig School of Business in 2014 and later completed the “Leading with Finance” course from Harvard University Online. Additionally, he has worked as a freelancer for various media houses