IRS provides tax relief for taxpayers affected by storms, winds, tornadoes, and flooding in Mississippi
Tax relief for individuals and businesses in Mississippi affected by severe storms, straight-line winds, tornadoes and flooding.
The IRS today announced tax relief for individuals and businesses in Mississippi affected by severe storms, straight-line winds, tornadoes and flooding that began on April 8, 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—IR-2024-176 (June 27, 2024)—following a disaster declaration by the Federal Emergency Management Agency (FEMA), individuals and households that reside or have a business in Hancock, Hinds, Humphreys, Madison, Neshoba, and Scott counties qualify for tax relief.
Certain deadlines falling on or after April 8, and before November 1, 2024, are postponed to 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, filing deadline applies to:
- Individual income tax returns and payments normally due on April 15, 2024
- 2023 contributions to individual retirement accounts (IRAs) and health savings accounts (HSAs) for eligible taxpayers
- Quarterly estimated income tax payments normally due on April 15, 2024, June 17, 2024, and September 16, 2024
- Quarterly payroll and excise tax returns normally due on April 30, 2024, July 31, 2024, and October 31, 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 April 8, 2024, and before April 23, 2024, will be abated, as long as the deposits were made by April 23, 2024.
The IRS will automatically identify taxpayers located in the covered disaster area and apply the filing and payment relief. However, affected taxpayers who reside or have a business outside the covered disaster area must call the IRS disaster hotline to request this tax relief. Moreover, if any affected taxpayer receives a late filing or payment penalty notice from the IRS that falls within the postponement period, they need to contact the IRS at the number provided on the notice to have the penalty abated.