IRS provides tax relief for taxpayers in Tennessee affected by tornadoes and severe storms
The IRS announced that taxpayers affected by tornadoes and severe storms now have until June 17, 2024 to file.
IRS provides tax relief for taxpayers in Tennessee affected by tornadoes and severe storms
The IRS today announced that taxpayers in Tennessee affected by tornadoes and severe storms that began on December 9, 2023, now have until June 17, 2024, to file various individual and business tax returns and make tax payments.
According to the IRS release—IR-2023-250 (December 22, 2023)—the tax relief is provided after a disaster declaration issued by the Federal Emergency Management Agency (FEMA). The declaration permits the IRS to postpone certain tax-filing and tax-payment deadlines for taxpayers who reside or have a business in the disaster area.
Individuals and households affected by tornadoes and severe storms that reside or have a business in Davidson, Dickson, Montgomery and Sumner counties qualify for relief.
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 October 15, 2024, to file, though payments are still due on June 17, 2024.
- 2023 contributions to IRAs and health savings accounts for eligible taxpayers.
- Quarterly estimated income tax payments normally due on January 16 and April 15, 2024.
- Quarterly payroll and excise tax returns normally due on January 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.
In addition, penalties for failing to make payroll and excise tax deposits due on or after December 9, 2023, and before December 26, 2023, will be abated as long as the deposits are made by December 26, 2023.
Additional tax relief
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 2023 return normally filed next year), or the return for the prior year (2022). Taxpayers have extra time—up to six months after the due date of the taxpayer's federal income tax return for the disaster year (without regard to any extension of time to file)—to make the election. For individual taxpayers, this means October 15, 2024.
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