It’s crucial for those affected by Hurricane Beryl in Texas to be aware of the IRS tax relief measures. Let’s break it down a bit further:
- Eligibility and Designated Areas:
- The IRS is providing relief to individuals and businesses in 67 Texas counties impacted by Hurricane Beryl, which struck on July 5, 2024.
- If you reside or have a business in any of these counties, you qualify for the extended deadline and relief.
- Extended Deadline: February 3, 2025:
- Taxpayers now have until February 3, 2025, to file various federal individual and business tax returns and make tax payments.
- This extension applies to returns and payments that were originally due between July 5, 2024, and February 3, 2025.
- What’s Covered?
- The relief includes:
- Individuals, businesses, and tax-exempt organizations with valid extensions to file their 2023 federal returns.
- Quarterly estimated income tax payments due on September 16, 2024, and January 15, 2025.
- Quarterly payroll and excise tax returns due on July 31 and October 31, 2024, and January 31, 2025.
- Penalties for failing to make payroll and excise tax deposits due between July 5, 2024, and July 22, 2024, will be abated if deposits are made by July 22, 2024.
- The relief includes:
- Automatic Relief:
- If your IRS address of record is in the disaster area, you don’t need to request relief—it’s automatically granted.
- However, if you moved to the disaster area after filing your return, you might receive a penalty notice; call the number on the notice to resolve it.
- Outside the Disaster Area:
- Taxpayers living outside the disaster area but with necessary records located there should contact the IRS at 866-562-5227 for assistance.
- Workers assisting relief efforts can also use the Bulk Requests from Practitioners for Disaster Relief option.
Remember, during challenging times like this, it’s essential to stay informed and take advantage of the available support. If you have any other questions or need further clarification, feel free to ask us!