On August 9, 2024, the IRS announced relief from certain tax filing and payment deadlines for individuals and businesses in all of South Carolina, most of Florida and North Carolina, and part of Georgia that were affected by Hurricane Debby.
The relief provided in IR-2024-205 postpones various tax filing and payment deadlines that occurred beginning on August 1, 2024, in Florida, August 4, 2024, in Georgia and South Carolina, and August 5, 2024, in North Carolina – the postponement period. Affected individuals and businesses, therefore, will have until February 3, 2025, to file tax returns and to pay any taxes that were originally due during the postponement period.
For example, the February 3, 2025, deadline will now apply to the following:
- Any individual, business, or tax-exempt organization with a valid extension can file their 2023 federal return. The IRS noted, however, that payments on these returns are not eligible for the extra time because they were due last spring before the hurricane occurred.
- Quarterly estimated income tax payments normally due on September 16, 2024, and January 15, 2025.
- Quarterly payroll and excise tax returns normally due on October 31, 2024, and January 31, 2025.
In addition, in Florida, penalties for failing to make payroll and excise tax deposits due on or after August 1, 2024, and before August 16, 2024, will be abated as long as the deposits are made by August 16, 2024. In South Carolina and Georgia, penalties for failing to make payroll and excise tax deposits due on or after August 4, 2024, and before August 19, 2024, will be abated as long as the deposits are made by August 19, 2024. In North Carolina, penalties for failing to make payroll and excise tax deposits due on or after August. 5, 2024, and before August 20, 2024, will be abated as long as the deposits are made by August 20, 2024.
This relief is automatic and affected taxpayers do not need to contact the IRS to get this relief. The IRS automatically provides filing and penalty relief to any taxpayer with an IRS address of record located in the disaster area.
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For more information on this topic, please contact a member of Withum’s Business Tax Services Team.
