Hurricane Idalia Tax Deadlines Extended!

IRS has issued News Release 2023-159, which provides relief for businesses and individuals residing in the State of Florida affected by Hurricane Idalia by extending certain tax deadlines falling between August 27, 2023 and before February 15, 2024.

IRS also issued News Release 2023-163, which provides relief for businesses and individuals residing in South Carolina affected by Hurricane Idalia by extending certain tax deadlines falling between August 29, 2023 and before February 15, 2024.

IRS also issued News Release 2023-168, which provides relief for businesses and individuals residing in Georgia affected by Hurricane Idalia by extending certain tax deadlines falling between August 30, 2023 and before February 15, 2024.

Individuals with a valid extension to file their 2022 return by October 16, 2023 have until February 15, 2024 to file. However, IRS notes that because tax payments related to these 2022 returns were due on April 18, 2023, those payments are not eligible for this relief.

Quarterly estimated tax payments due on September 15, 2023 and January 16, 2024 have also been extended to February 15, 2024.

Reports of Foreign Bank and Financial Accounts (FBARs) for calendar year 2022 which would otherwise be due on October 15, 2023 are now extended until February 15, 2024 for those residing within 46 counties in Florida. Presently, Orange, Osceola & Brevard counties are not included in the FinCen notice.

Businesses with an original or extended due date also have additional time including, among others, calendar-year corporations whose 2022 extensions run out on September 15, 2023 or October 16, 2023. Similarly, tax-exempt organizations also have additional time, including for 2022 calendar-year returns with extensions due to run out on November 15, 2023.

The Florida Department of Revenue has also extended the due dates for Florida corporations required to file corporate income tax returns. Florida corporate returns with original or extended due dates between August 27, 2023 and March 1, 2024 now have until March 1, 2024 to file. Any estimated tax payments due between those dates are also extended until March 1, 2024.

The South Carolina Department of Revenue has also extended the due dates for business & individual returns originally due between August 29, 2023 and February 15, 2024 to February 15, 2024.

Quarterly payroll and excise tax returns, which would normally be due October 31, 2023 and January 31, 2024, are also extended to February 15, 2024. Payroll tax deposits are not extended. For Florida taxpayers, IRS will only grant abatement for late payroll tax deposits if deposits due on or after August 27 and before September 11th are made by September 11, 2023.

The IRS will work with any taxpayer who lives outside the disaster areas, but whose records necessary to meet a deadline occurring during the postponement period are located in the affected areas. Any taxpayers affected by Idalia who live outside the disaster areas should contact IRS at 866-562-5227. Anyone with an address within the disaster areas is automatically extended, and does not need to contact IRS.

Individuals and businesses within these federally declared disaster areas may be eligible to claim a casualty loss for unreimbursed disaster-related losses. These losses can be claimed on a 2022 or 2023 tax return. Please keep detailed records and receipts for any repairs done due to the hurricane as well as any insurance claims reports.

Please contact us if you have any questions or need assistance with your taxes.