In the wake of Hurricane Helene, North Carolina families and businesses affected by the storm are eligible for tax relief. The IRS has announced a series of deadline extensions aimed at providing financial flexibility for those impacted.
This relief applies to individuals and businesses located in disaster areas, offering much-needed time to recover without the immediate pressure of tax deadlines.
Extended Deadlines
The IRS has postponed various federal tax filing and payment deadlines to May 1, 2025, for those affected by Hurricane Helene.
The May 1, 2025, filing deadline applies to:
- Individuals with a valid extension to file their 2023 tax return, which was originally set to expire on October 15, 2024 (note that tax payments for these 2023 returns, due on April 15, 2024, are not eligible for this relief).
- Calendar-year corporations with 2023 extensions expiring on October 15, 2024.
- Quarterly estimated tax payments due on January 15 and April 15, 2025.
- Quarterly payroll and excise tax returns due on October 31, 2024, January 31, and April 30, 2025.
- Payroll and excise tax deposit penalties due on or after September 25, 2024, and before October 10, 2024, will be abated if the deposits are made by October 10, 2024.
Who Qualifies for Relief?
Taxpayers eligible for this relief include:
- Individuals and households that reside in areas designated by the Federal Emergency Management Agency (FEMA) as disaster zones due to Hurricane Helene.
- Businesses operating in these areas.
- Any taxpayer whose tax records are located within the affected areas, including tax preparers.
What Actions Are Required?
Eligible taxpayers will not need to take any additional steps to apply for this relief. The IRS will automatically identify taxpayers located in the covered disaster areas and apply filing and payment relief.
If you have been affected by the storm but live in an area or have a business located outside the covered disaster area, you can call the IRS disaster hotline at 866-562-5227 to request this tax relief.
Penalty Abatement
For those who receive notices of late filing or late payment penalties but qualify for relief, the IRS advises contacting them to request abatement.
How to Get More Information
For North Carolina families affected by Hurricane Helene, this tax relief provides extra time to manage financial and legal obligations.
If you have questions about how these extended deadlines impact your tax planning or need assistance in navigating disaster-related tax issues, the attorneys at Murray Moyer are here to help. Reach out to our Raleigh office for a consultation and ensure your tax matters are handled smoothly during this difficult time.
For detailed information on the IRS announcement, visit the IRS website.
Written by Justin Moyer on October 21, 2024.