IRS announces tax relief for taxpayers in Iowa affected by storms, tornadoes, and flooding
Taxpayers have until November 1 to file various federal individual and business tax returns and make tax payments
Taxpayers have until November 1 to file various federal tax returns
The IRS today announced tax relief for individuals and businesses in Iowa affected by severe storms, tornadoes, and flooding that occurred on May 20, 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 today’s IRS release—IA-2024-04—the relief applies to those in Adair, Montgomery, Polk, and Story counties, following the disaster declaration issued by the Federal Emergency Management Agency (FEMA).
Certain deadlines falling on or after May 20, 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, including:
- The quarterly estimated tax payments due on June 17 and September 16, 2024
- The quarterly payroll and excise tax returns normally due on July 31 and October 31, 2024
In addition, penalties on payroll and excise tax deposits due on or after May 20, 2024, and before June 4, 2024, will be abated as long as the tax deposits were made by June 4, 2024.
Individuals who had an extension to file their 2022 return will also have until July 31, 2024, to file, though payments on these returns are not eligible for the extra time because they were due before the disaster occurred.
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.
The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 3712, 1801 K Street NW, Washington, DC 20006.