The Internal Revenue Service provided tax relief for individuals and businesses in parts of Tennessee affected by severe storms and tornadoes that began on Dec. 9.
These taxpayers now have until June 17, 2024, to file various federal individual and business tax returns and make tax payments.
The IRS is offering relief to any area designated by the Federal Emergency Management Agency (FEMA). Currently, this includes Davidson, Dickson, Montgomery and Sumner counties. Individuals and households that reside or have a business in these counties qualify for tax relief.
The same relief will be available to any other Tennessee localities added later to the disaster area. The current list of eligible localities is always available on the disaster relief page on IRS.gov.
Per the IRS announcement, the tax relief postpones various tax filing and payment deadlines that occurred from Dec. 9, 2023, through June 17, 2024 (postponement period). As a result, affected individuals and businesses will have until June 17, 2024, to file returns and pay any taxes that were originally due during this period.
This means, for example, that the June 17, 2024, deadline will now apply to:
- Individual income tax returns and payments normally due on April 15, 2024. The IRS urges anyone who needs an additional tax-filing extension, beyond June 17, for their 2023 federal income tax return to request it electronically by April 15. Though a disaster-area taxpayer qualifies to request an extension between April 15 and June 17, a request filed during this period can only be submitted on paper. Whether requested electronically or on paper, the taxpayer will then have until Oct. 15, 2024, to file, though payments are still due on June 17. Visit IRS.gov/Extensions for details.
- 2023 contributions to IRAs and health savings accounts for eligible taxpayers.
- Quarterly estimated income tax payments normally due on Jan. 16 and April 15, 2024.
- Quarterly payroll and excise tax returns normally due on Jan. 31 and April 30, 2024.
- Calendar-year partnership and S corporation returns normally due on March 15, 2024.
- Calendar-year corporation and fiduciary returns and payments normally due on April 15, 2024.
- Calendar-year tax-exempt organization returns normally due on May 15, 2024.
We encourage you to visit the IRS disaster relief page for more details on other returns, payments and tax-related actions qualifying for relief during the postponement period.
Michael Zachary, EA CPHRC
www.Taxvillefinancial.com