Hurricane Helene Tax Relief: Various Tax Deadlines Postponed

IRS postpones various deadlines to May 1, 2025, providing Hurricane Helene Tax Relief

The IRS has announced Hurricane Helene tax relief for individuals and businesses in Georgia (and other disaster areas) affected by Hurricane Helene, which began on September 24, 2024. Disaster areas include entire states of Alabama, Georgia, North Carolina and South Carolina and parts of Florida, Tennessee and Virginia. As a CPA firm in Atlanta, Georgia, CKH Group wants to ensure our clients are well-informed about the extended tax deadlines and available relief options.

Following the disaster declaration issued by the Federal Emergency Management Agency (FEMA), all individuals and businesses that reside or operate in the designated disaster areas qualify for this tax relief. This includes those who already had postponed deadlines due to Hurricane Debby, with their new deadlines now extended to May 1, 2025.

However, it’s crucial to note that this is an extension to file your taxes, NOT an extension to pay! Any taxes owed must still be paid by their original deadlines, or penalties and interest will accrue.

Postponed Tax Deadlines to May 1, 2025

The IRS has postponed deadlines that fall on or after September 24, 2024, and before May 1, 2025. Affected taxpayers will have until May 1, 2025, to file returns and pay taxes that would have been due during this period.

The extended deadline applies to:

• Individuals and businesses with returns normally due in March or April 2025.
• Individuals, businesses or tax-exempt organizations who had a valid extension to file their 2023 return (extended from October 15, 2024). Remember: tax payments for 2023 were still due on April 15, 2024, and are not eligible for this relief.
• 2024 quarterly estimated income tax payments normally due on Jan. 15, 2025, and 2025 estimated tax payments normally due on April 15, 2025.
• Quarterly payroll and excise tax returns normally due on Oct. 31, 2024, and Jan. 31 and April 30, 2025.

The IRS Disaster assistance and emergency relief page details other tax related items qualifying for relief.

Waived Fees and Penalties

Penalties for payroll and excise tax deposits due between September 24 and October 9, 2024, will be waived, provided the deposits are made by October 9, 2024. The IRS will waive usual fees for affected taxpayers who need copies of previously filed returns. Taxpayers should put the assigned FEMA declaration number (3616-EM), in bold letters at the top of Form 4506, Request for Copy of Tax Return, or Form 4506-T, Request for Transcript of Tax Return , as appropriate, and submit it to the IRS.

How to Claim Tax Relief and Contact Information

The IRS will automatically apply these extended deadlines to all taxpayers in the state of Georgia. If you live or operate a business outside the designated disaster area but have records in the affected area, or if you are impacted in other ways, you may still qualify for relief. Call the IRS disaster hotline at 866-562-5227 for assistance.

Casualty Losses and Special Filing Options

The IRS states “Individuals and businesses in a federally declared disaster area who suffered uninsured or unreimbursed disaster-related losses can choose to claim them on either the return for the year the loss occurred (in this instance, the 2024 return normally filed next year), or the return for the prior year (the 2023 return filed this year).” If claiming losses on the 2023 return, you will have an additional six months from the original filing deadline to make this election. For details, see Form 4684, Casualties and Thefts. Affected taxpayers claiming the disaster loss on their return should put FEMA disaster declaration number, FEMA-3616–EM on any return.

Other Tax Considerations

• Taxpayers affected by Hurricane Helene can also exclude qualified disaster relief payments from gross income, such as payments for personal or family expenses, home repairs, or rehabilitation.
• Tax relief for individuals killed or injured in the disaster: Victims and relief workers involved in the disaster are eligible for special tax considerations.
• Affected taxpayers participating in retirement plans or IRAs may qualify for additional relief. This includes special disaster distributions, hardship withdrawals, and the ability to spread disaster-related income over three years. Check your retirement plan’s specific rules to see if you qualify.

In the wake of Hurricane Milton, it’s destruction may further change the tax relief provided by the IRS. CKH Group advises all Georgia clients to review the specific details and consult with our tax professionals to understand how the relief applies to your unique situation, and to stay in contact with your accountant to determine any further impacts. We’re here to help you navigate these deadlines and continue to maximize your return and minimize your tax liability.

And remember, while the IRS has extended the deadline to file your tax returns, this is NOT an extension to pay. Be sure to settle any tax liabilities by their due dates to avoid additional interest or penalties.

For more information or to get assistance filing your tax returns, contact CKH Group or visit IRS.gov for further details on this tax relief. We are dedicated to supporting our clients through this challenging time. You can book a free online consultation, or you can contact us at 1-770-495-9077 or email us at info@ckhgroup.com

The above article only intends to provide general financial information and is based on open-source facts, it is not designed to provide specific advice or recommendations for any individual. It does not give personalized tax, financial, or other business and professional advice. Before taking any form of action, you should consult a financial professional who understands your particular situation. CKH Group will not be held liable for any harm/errors/claims arising from the articles. Whilst every effort has been taken to ensure the accuracy of the contents, we will not be held accountable for any changes that are beyond our control.