Tax Relief for Florida Summertime Storm Victims

If you were affected by the recent storms in Florida, you could be eligible for tax relief. In recognition of the devastation caused by severe storms, tornadoes, and straight-line winds in Florida this summer, the IRS is offering affected taxpayers (both individuals and businesses) an extension to file returns and make tax payments, both of which will now be due on the first of November.

Affected Florida Counties 

This summer, high winds, storms, and tornadoes left thousands of Florida residents without shelter or power. Fortunately, tax relief is being offered to those who live or own a business in an area in Florida that have received a disaster declaration, including the following counties:

• Baker;
• Columbia;
• Gadsden;
• Hamilton;
• Jefferson;
• Lafayette;
• Leon;
• Liberty;
• Madison;
• Santa Rosa;
• Suwannee;
• Taylor; and
• Wakulla.

Taxpayers who live or own a business in one of the counties automatically receive an extension for filing and paying their taxes. This applies to all deadlines falling on or after May 10th, but before November 1st of this year. Individuals and businesses now have until the first of November to file returns and pay taxes that were due during this period of time.

Does the Filing and Payment Extension Apply to Me? 

The filing and payment extension primary applies to taxpayers who live or own a business in one of the aforementioned counties and who:

• Had a valid extension to file their 2023 returns by October 15th; and
• Are filing as a business and have an original or extended due date of September 16th or October 15th.

The November deadline will also apply to any other payments that would have been made between May and November of this year, including:

• Quarterly estimated tax payments due on June 17th and September 16th;
• Quarterly payroll and excise tax returns due on July 31st and October 31st; and
• Calendar-year tax-exempt organization returns due on May 15th.

Finally, all penalties on payroll and excise tax deposits due in May will be abated, but only if the requisite deposits were submitted by May 28th.

Do I Need to Apply for Relief? 

Taxpayers who fall under one of the aforementioned categories are not required to take further steps to qualify for disaster-related tax relief. Instead, filing and payment relief will automatically be applied to those located in a covered disaster area. However, taxpayers who were affected by the storms, but who live or have a business outside of a covered disaster area will need to reach out to the IRS to request tax relief. This mostly applies to those whose tax records were located in a disaster area.

Set Up a One-on-One Consultation Today 

If you were affected by the recent summer storms, straight-line winds, and tornadoes in Florida, you are likely feeling overwhelmed and unsure of your next steps. Let CPA, former FBI Special Agent, and experienced Florida tax lawyer Ronald Cutler, P.A. help you shoulder your tax burden during this difficult time. Call us at 386-490-9949 to set up an initial consultation today.

Sources: 

irs.gov/newsroom/irs-announces-tax-relief-for-taxpayers-impacted-by-severe-storms-straight-line-winds-and-tornadoes-in-florida

fema.gov/disaster/4794