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Hurricane Idalia IRS & Florida State Tax Relief

IRS: THOSE IMPACTED BY IDALIA QUALIFY FOR TAX RELIEF; OCT. 16 DEADLINE, OTHER DATES POSTPONED TO FEB. 15

The Internal Revenue Service announced tax relief for individuals and businesses affected by Idalia in parts of Florida on August 30th, 2023. These taxpayers now have until Feb. 15, 2024, to file various federal individual and business tax returns and make tax payments.

Filing and Payment Relief
The tax relief postpones various tax filing and payment deadlines that occurred from Aug. 27, 2023, through Feb. 15, 2024, (postponement period). As a result, affected individuals and businesses will have until Feb. 15, 2024, to file returns and pay any taxes that were originally due during this period.

This means, for example, that the Feb. 15, 2024, deadline will now apply to:

  • Individuals who had a valid extension to file their 2022 return due to run out on Oct. 16, 2023. The IRS noted, however, that because tax payments related to these 2022 returns were due on April 18, 2023, those payments are not eligible for this relief.
  • Quarterly estimated income tax payments normally due on Sept. 15, 2023, and Jan. 16, 2024.
  • Quarterly payroll and excise tax returns normally due on Oct. 31, 2023, and Jan. 31, 2024.
  • Calendar-year partnerships and S corporations whose 2022 extensions run out on Sept. 15, 2023.
  • Calendar-year corporations whose 2022 extensions run out on Oct. 16, 2023.
  • Calendar-year tax-exempt organizations whose extensions run out on Nov. 15, 2023.

In addition, penalties for the failure to make payroll and excise tax deposits due on or after Aug. 27, 2023, and before Sept. 11, 2023, will be abated as long as the deposits are made by Sept. 11, 2023.

For additional information:
Click here to visit the IRS.gov: Those impacted by Idalia qualify for tax relief; Oct. 16 deadline, other dates postponed to Feb. 15 | Internal Revenue Service

FLORIDA 2023 FLORIDA DISASTER PREPAREDNESS SALES TAX HOLIDAY
Florida legislators unanimously passed the tax holiday this past session. The holiday started August 27th and ends Sept. 8. The holiday is intended to provide price relief for Floridians who prepare for storm season by stocking up on batteries, flashlights, and toilet paper.

Looking for additional assistance in navigating this news? Reach out today by emailing information@evolvedtax1.wpenginepowered.com

Matthew John McNally
Matthew is an enrolled agent with two decades of tax planning, compliance, and advisory experience, much of it at Big Four accounting firms, where he guided clients with wide-reaching financial concerns.