Tax

The IRS Has Granted Relief for Alabama, Georgia, North Carolina and South Carolina and Parts of Florida, Tennessee and Virginia.

As you may have seen, the IRS has granted relief for Alabama, Georgia, North Carolina and South Carolina and parts of Florida, Tennessee and Virginia. Key things to know about this relief for taxpayers affected by Hurricane Helene:

  1. Individuals, businesses, or tax-exempt organizations with a valid extension for their 2023 return have until May 1, 2025 to file, but the postponement does not apply to payments required by such returns.
  2. Individuals and businesses with 2024 returns due March 2025 or April 2025 may be postponed to May 1, 2025.
  3. Quarterly payroll and excise tax returns due on October 31, 2024 may be postponed to May 1, 2025.

The AICPA has materials and resources available on the AICPA Disaster Relief Resource Center

November 7 is the next deadline for applications to the AICPA Benevolent Fund. Individuals can reach out to benevolent_fund@aicpa.org for assistance and questions. The Fund can potentially help individuals who are experiencing temporary loss of income, increases in cost of living, insurance deductibles, and replacement costs associated with natural disasters.

Lastly, here is the October 2nd, Alabama Department of Revenue announcement about disaster extensions.

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Helen Oglesby