IRS DISASTER RELIEF FOR TAXPAYERS AFFECTED BY HURRICANES HELENE & MILTON

IMPORTANT NOTICE ON FILING RELIEF AND DEADLINE EXTENSIONS

The Internal Revenue Service (IRS) has announced tax relief to those individuals and businesses affected by Hurricanes Helene and Milton. Taxpayers now have until May 1, 2025 to file various federal individual and business tax returns, including making estimated tax payments. Due to the location of our offices within the qualified disaster area, this tax relief applies to you.

Hurricane Helene made landfall on September 26, 2024. The IRS announced tax relief for those affected by the hurricane and postponed those deadlines that occur for individuals and businesses in the entire states of Alabama, Georgia, North Carolina and South Carolina and parts of Florida, Tennessee, and Virginia beginning on September 22, 2024 through May 1, 2025. This relief extended the Hurricane Debby deadlines previously postponed until February 3, 2025.

Hurricane Milton subsequently made landfall in Florida on October 9, 2024. The IRS expanded previously announced tax relief for individuals and businesses in all counties in Florida beginning on October 5, 2024 through May 1, 2025. This relief also extends the filing of 2024 individual and business returns normally due in March and April 2025. The combined 2024 hurricane relief extends all deadlines that occur between August 1, 2024 through May 1, 2025 until May 1, 2025.

Individuals that reside or have a business in one of the Federal Emergency Management Agency (FEMA) designated counties qualify for the relief. The IRS identifies those taxpayers qualified by the address on record. Please visit www.fema.gov for a complete list of counties in the qualified disaster area. It is important to note the relief is extended to those who live outside the disaster relief area, but have records necessary to meet a deadline located in the area. CS&L CPA locations reside in counties that qualify for the extended due date of May 1, 2025.

The Hurricane Helene and Milton tax relief filings and payments now due May 1, 2025:

• 2023 calendar year partnerships and s corporations with a valid 2023 extension due September 16, 2024.
• 2023 calendar year trusts with a valid 2023 extension due September 30, 2024.
• 2023 calendar year C corporations with a valid 2023 extension due October 15, 2024.
• 2023 individual tax returns with a valid 2023 extension due October 15, 2024 (relief does not apply to any tax due with the return filing as these payments were due on or before April 15, 2024).
• 2023 Reports of Foreign Bank and Financial Accounts (FBAR) as announced by The Financial Crime Enforcement Network (FinCEN).
• 2023 calendar year tax exempt organizations due November 15, 2024.
• Fiscal year entity returns with an original or extended due date between August 1, 2024 and May 1, 2025.
• 2023 and 2024 quarterly payroll tax returns due October 31, 2024, January 31, 2025 and April 30, 2025.
• 2024 and 2025 Quarterly estimated income tax payments due September 16, 2024, January 15, 2025 and April 15, 2025.
• 2024 individual, business and trust tax returns normally due in March or April 2025.
• 2024 Individual Retirement Accounts (IRAs), Health Saving Accounts (HSAs), Coverdell Education Savings Accounts (CESAs), and other tax advantaged account contributions and required minimum distributions.

The postponement of time to file and pay does not apply to information returns due January 31, 2025. Information returns include, but not limited to, Forms W-2, 1099 series, 1098, 1042-S or employment and excise tax deposits.

The Financial Crime Enforcement Network (FinCEN) announced on October 29, 2024, reporting companies whose principal place of business is in the area impacted by Hurricanes Francine, Beryl, Debby, Helene, and Milton will now have an additional 6 months to file the required Beneficial Ownership Information Report. This applies to reporting companies that 1) have an original reporting deadline beginning one day before the date the specified disaster began and ending 90 days after that date, and 2) are located in an area that is in a designated FEMA disaster area and is eligible for the IRS tax filing relief. The extension applies to initial reports, updates or corrected reports due between October 4, 2024 and January 2, 2025.

The Florida Department of Revenue has announced it will follow the tax relief granted by the IRS for affected taxpayers. Taxpayers who file Florida Corporate Income Tax Returns with original due dates between August 1, 2024 and May 16, 2025 will now have a due date of May 16, 2025.