Taxpayers Affected by Storms and Tornadoes Could Qualify for Tax Relief

Earlier this month, many southern states were battered by severe storms and tornadoes. Tennessee was hit especially hard, with many residences and businesses damaged or destroyed and thousands left without power. In an effort to help these victims, the IRS recently announced that it would be offering tax relief to affected taxpayers, who now have until June 17th of next year to file tax returns and make tax payments.

Affected Counties 

Tax relief measures are currently being offered to any area in Tennessee that has been designated as a disaster zone by the Federal Emergency Management Agency (FEMA). This includes the following counties:

• Davidson;
• Dickson;
• Montgomery; and
• Sumner.

Those who live or who own a business in these counties could qualify for tax relief, including payment and filing deadline extensions.

Tax Filing and Payment Relief 

The tax relief measures offered to Tennessee residents postpone tax filing and payment deadlines occurring between December 9, 2023 and June 17, 2024. This means that affected individuals and businesses have until the middle of next June to file their returns and pay any taxes that were due during this period of time. This includes:

• Individual income tax returns and payments typically due in April;
• Any contributions to IRAs and health savings accounts made in 2023;
• Quarterly estimated tax payments due on January 16th and April 15th;
• Quarterly payroll and excise tax returns due on January 31st and April 30th;
• S corporation and calendar-year partnership returns due in March ;
• Calendar-year corporation and fiduciary returns and payments due in April; and
• Returns from calendar-year, tax-exempt organizations due in May.

Disaster victims who require a longer extension can request one either electronically (by April 15th) or on paper before the June deadline. In either case, taxpayers who file this request will have until the middle of October to file their returns. This extension, however, only applies to the filing deadline, as any tax payments will still be due in June.

How Do I Obtain Tax Relief? 

The tax relief measures being offered to victims of the December 9th Tennessee storms are provided automatically to anyone with an IRS address of record in a disaster area. This means that taxpayers don’t need to apply for or contact the IRS to get relief. If, however, a taxpayer doesn’t have an address of record in the disaster area because, for instance, they moved after filing their return, they may need to contact the IRS if they receive a notice of late filing or payment. The IRS will also work with taxpayers who technically live outside of the disaster area, but whose records are located within one.

Call Today for Assistance with Your Tax Problems 

Being the victim of a natural disaster is financially, physically, and emotionally devastating. You should not also have to worry about your tax situation during these difficult times. For help navigating your own tax matter, please call experienced CPA, former FBI Special Agent and Florida tax return preparation lawyer Ronald Cutler, P.A. at 386-490-9949 and set up a meeting with our legal team today.

Sources: 

irs.gov/newsroom/irs-tennessee-taxpayers-impacted-by-storms-and-tornadoes-qualify-for-tax-relief-various-deadlines-postponed-to-june-17

irs.gov/newsroom/irs-announces-tax-relief-for-taxpayers-impacted-by-severe-storms-and-tornadoes-in-tennessee