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VIEWpoint Issue 1 | 2023
2023 Compliance Trends: Staying Ahead in an Evolving Regulatory E...
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.
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:
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.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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