IRS announces tax relief for taxpayers in Alaska affected by severe storms

The IRS announced tax relief for individuals and businesses in the Wrangell Cooperative Association of Alaska Tribal Nation affected by severe storms, landslides, and mudslides that began on November 20, 2023.

According to the IRS release—IR-2024-81 (March 25, 2024)—affected taxpayers now have until July 15, 2024, to file various federal, individual, and business tax returns, and to make tax payments. The IRS is offering relief to any area designated by the Federal Emergency Management Agency (FEMA); the relief will be applicable to any other Alaska localities added to the disaster area later.

The tax relief postpones various tax filing and payment deadlines from November 20, 2023, through July 15, 2024, including:

• Individual income tax returns and payments normally due on April 15, 2024
• 2023 contributions to individual retirement arrangements (IRAs) and health savings accounts for eligible taxpayers
• Quarterly estimated income tax payments normally due on January 16, April 15, and June 17, 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

Penalties for failing to make payroll and excise tax deposits due on or after November 20, 2023, and before December 5, 2023, will be abated as long as the deposits were made by December 5, 2023.

The IRS automatically provides filing and penalty relief to any taxpayer with an IRS address of record located in the disaster area.

Taxpayers who need an additional tax-filing extension beyond July 15, 2024, for their 2023 federal income tax return need to request it electronically by April 15, 2024. Payments are still due on July 15, 2024.