- Don’t Let Bad Apples Ruin Your Financial Harvest - October 4, 2023
- Educators: Finally Getting the Special Deductions They Deserve - September 27, 2023
- Trucking Through the Tax Season - September 20, 2023
Tax Relief Announced for Floridians Affected by Idalia
If you or your business felt the harsh winds of Idalia in Florida, there’s some good news for you on the horizon. The Internal Revenue Service (IRS) recently unveiled tax relief measures for those impacted by the devastating effects of this storm.
Those residing in the affected regions now have until February 15, 2024, to file certain federal individual and business tax returns and make tax payments. To give you a clearer picture, this extension applies to:
- Individuals who had a valid 2022 return extension expiring on October 16, 2023.
- Quarterly estimated income tax payments initially scheduled for September 15, 2023, and January 16, 2024.
- Quarterly payroll and excise tax returns slated for October 31, 2023, and January 31, 2024.
- Calendar-year partnerships, S corporations, regular corporations, and tax-exempt organizations with 2022 extensions ending in September, October, and November respectively.
However, remember that the tax payments linked to the 2022 returns, which were due on April 18, 2023, do not qualify for this relief.
Currently, 46 out of Florida’s 67 counties are eligible. If you live or run a business in any of these counties, you qualify for this relief. You can check out the complete list of qualified counties on the IRS’s disaster relief page.
Worth noting, if your IRS record address isn’t in the affected area – perhaps because you relocated there post filing your return – you might receive a late payment or filing penalty notice. But fret not! Simply give the IRS a ring, and they’ll sort it out for you.
The IRS has also announced:
- Penalties for delayed payroll and excise tax deposits (from August 27, 2023, to September 11, 2023) will be waived if deposits are made by September 11, 2023.
- If you have uninsured or unreimbursed disaster-related losses, you can claim them either on your 2023 return or on the 2022 return.
- Many disaster relief payments won’t be counted in your gross income. This is especially true for amounts received from a governmental body to cover necessary personal, family, or home-related expenses post-Idalia.
- If you’re participating in a retirement plan or an individual retirement arrangement (IRA), you may qualify for further relief. This includes potential hardship withdrawals or special disaster distributions without the usual additional 10% tax.
The Bottom Line
The IRS’s relief measures are a small beacon of hope in what has been a tough time for many Floridians. It’s a testament to the coordinated efforts of federal bodies, working in tandem with FEMA’s local damage assessments, to help ease the burdens of those affected.
To get the most out of these provisions, it’s essential to stay informed and proactive. And for those looking for broader recovery resources, don’t forget to check out disasterassistance.gov.
Remember, while storms like Idalia can shake us, the support and resilience of the community will ensure that we rebuild, stronger and united.