IRS provides tax relief for taxpayers affected by severe storms, straight-line winds, tornadoes, and flooding in Arkansas

The IRS announced tax relief for individuals and businesses in Arkansas affected by severe storms, tornadoes, and flooding that occurred on May 24, 2024. The affected taxpayers now have until November 1, 2024, to file various federal individual and business tax returns and make tax payments.

According to the IRS release—AR-2024-01 (dated June 6, 2024)—following a disaster declaration by the Federal Emergency Management Agency (FEMA), individuals and households that reside or have a business in Baxter, Benton, Boone, and Marion counties qualify for tax relief.

Certain deadlines falling on or after May 24, 2024, and before November 1, 2024, are granted additional time to file through November 1, 2024. As a result, affected individuals and businesses will have until November 1, 2024, to file returns and pay any taxes that were originally due during this period. The November 1, 2024, deadline also applies to any payment normally due during this period, including:

• Quarterly estimated tax payments due on June 17 and September 16, 2024
• Quarterly payroll and excise tax returns normally due on July 31 and October 31, 2024

Penalties on payroll and excise tax deposits due on or after May 24, 2024, and before June 10, 2024, will be abated as long as the tax deposits are made by June 10, 2024.

The IRS automatically provides filing and penalty relief to any taxpayer with an IRS address of record located in the disaster area. However, affected taxpayers outside the covered disaster area may call the IRS disaster hotline to request the tax relief.