Relief to Hurricane Beryl Victims

On July 22, 2024, the IRS announced tax relief for individuals and businesses in 67 Texas counties affected by Hurricane Beryl, including the postponement of certain tax filing and payment deadlines for taxpayers in designated areas. Specifically, this relief postpones various tax filing and payment deadlines until Feb. 3, 2025, for such deadlines that occurred from July 5, 2024 through Feb. 3, 2025 (the “postponement period”). This relief also provides extensions for other tax-related actions to help those affected meet their obligations without additional penalties or interest.
For example, the Feb. 3, 2025 deadline will now apply to:

• Any individual, business or tax-exempt organization that has a valid extension to file their 2023 federal return. However, as a note, payments on these returns are not eligible for the additional time since these payments were already due last spring before the hurricane occurred.
• Quarterly estimated income tax payments normally due on Sept. 16, 2024, and Jan. 15, 2025.
• Quarterly payroll and excise tax returns normally due on July 31 and Oct. 31, 2024, and Jan. 31, 2025.

Further, the release provides that taxpayers do not need to contact the agency 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.  Additionally, this same relief will also be available to any other counties subsequently added to the disaster area. The current list of eligible counties and localities can be found on the Tax relief in disaster situations page on IRS.gov.

The full IRS news release can be found here (IR-2024-191).
If you have any questions, contact CTI today.