IRS Offers Relief to Florida Storm Victims, Extends Tax Deadlines
The Internal Revenue Service (IRS) has announced that it is providing relief to individuals and businesses in 51 Florida counties that were affected by two recent hurricanes. The announcement comes after the Federal Emergency Management Agency (FEMA) issued a disaster declaration, covering the affected areas.
Wide Coverage
The disaster declaration covers a wide range of counties in Florida, including Broward, Palm Beach, and Miami-Dade counties in South Florida. The other counties that are included in the declaration are:
- Alachua, Baker, Bradford, Brevard, Charlotte, Citrus, Clay, Collier, Columbia, DeSoto, Dixie, Duval, Flagler, Gilchrist, Glades, Hamilton, Hardee, Hendry, Hernando, Highlands, Hillsborough, Indian River, Lafayette, Lake, Lee, Levy, Madison, Manatee, Marion, Martin, Monroe, Nassau, Okeechobee, Orange, Osceola, Pasco, Pinellas, Polk, Putnam, Sarasota, Seminole, St. Johns, St. Lucie, Sumter, Suwannee, Taylor, Union, and Volusia.
Extended Deadlines
The IRS has given storm-afflicted taxpayers until May 1, 2025, to file various federal individual and business tax returns and make tax payments. This includes:
- Any individual or business that has a 2024 return normally due during March or April 2025.
- Any individual, C corporation or tax-exempt organization that has a valid extension to file their calendar-year 2023 federal return.
- Quarterly estimated tax payments for 2024 normally due on January 15, 2025, and 2025 estimated tax payments normally due on April 15, 2025.
- Quarterly payroll and excise tax returns normally due on October 31, 2024, January 31, 2025, and April 30, 2025.
Responsibility Remains
While the IRS is offering relief, it is important to note that it will still collect what is due. The agency has a track record of collecting over $1 billion in back taxes from various initiatives.
Tax Professionals Weigh In
Cesar Estrada, regional tax and business service partner at Marcum, a national business advisory firm, believes that many of his clients are not taking advantage of the new extensions. "A lot of people just want to get it out of the way," he said. He also notes that his clients in Tampa are more affected by the storms than those in South Florida.
Conclusion
The IRS’s decision to extend tax deadlines is a welcome relief to those affected by the recent hurricanes in Florida. This move will help individuals and businesses to refocus their attention on rebuilding and recovering from the devastating effects of the storms.
FAQs
Q: Which counties are covered by the disaster declaration?
A: The disaster declaration covers 51 Florida counties, including Broward, Palm Beach, and Miami-Dade counties, as well as others.
Q: What tax returns and payments are eligible for the extended deadlines?
A: The extended deadlines apply to individual and business tax returns and payments, including 2024 individual and business returns, 2023 individual and corporate returns, and quarterly estimated tax payments.
Q: Will the IRS still collect what is due?
A: Yes, the IRS will still collect what is due, even with the extended deadlines. The agency has a track record of collecting over $1 billion in back taxes from various initiatives.
Q: Can I get a longer extension?
A: No, the extended deadlines are only until May 1, 2025. If you are unable to file your tax return or make tax payments by this date, you may be subject to penalties and interest.
