The IRS has announced tax relief will be provided to individuals and businesses impacted by Hurricane Idalia in areas of Florida. Taxpayers who live or own a business within any of the disaster areas designated by the Federal Emergency Management Agency (FEMA) now have until Feb. 15, 2024, to file various federal individual and business tax returns and make payments. The IRS automatically applies this relief to taxpayers with an IRS address of record within the disaster area; there’s no need to get in touch with the agency to apply for it.  

More on the Tax Relief

The newly announced relief defers tax filing and payment deadlines from Aug. 27, 2023, to Feb. 15, 2024. Within that timeframe, the extension applies to: 

  • Taxpayers with an Oct. 16, 2023, filing extension for their 2022 return (the relief does not apply to tax payments, which were due on April 18, 2023) 
  • Quarterly estimated income tax payments due Sept. 15, 2023, and Jan. 16, 2024 
  • Quarterly payroll and excise tax returns due Oct. 31, 2023, and Jan. 16, 2024  
  • Calendar-year partnerships and S corporations whose 2022 extensions end on Sept. 15, 2023 
  • Calendar-year corporations whose 2022 extensions end on Oct. 16, 2023 
  • Calendar-year tax-exempt organizations whose extensions end on Nov. 15, 2023  
  • Penalties for failure to make payroll and excise tax deposits due on or after Aug. 27. 2023, and before Sept. 11, 2023, will be abated if the deposits are submitted by Sept. 11, 2023  

The IRS will work with taxpayers who live outside the disaster area but whose records required to meet a deadline during the postponement period are located within the disaster area; they would simply need to contact the IRS at 866-562-5227. 

Both individuals and businesses within a FEMA disaster area who suffered uninsured or unreimbursed hurricane-related losses have the choice to claim them on either the return in which the loss occurred or the return for the prior year. Taxpayers have up to six months to make the election – see Publication 547, Casualties, Disasters, and Thefts for details. 

Our tax advisors are here to help. If you and/or your business have been impacted by Hurricane Idalia and are unsure about your unique tax filing situation, contact Doeren Mayhew’s dedicated CPAs today for assistance.