IRS Announces Hurricane Tax Relief for Georgia Residents

Late last month, Hurricane Helene moved its way north bringing surging storms and high winds to Georgia causing Governor Kemp to declare a State of Emergency.  While most of the damage occurred in the South and East parts of the state, it’s clear that every area of the state has been impacted. Whether it’s downed trees, damaged power lines, loss of power or something more catastrophic, the recovery work is ongoing. In fact, in some areas the damage is still being assessed making it difficult to know when things will return to normal.

Considering this news, the IRS announced yesterday new tax relief measures that extend certain federal tax deadlines until May 1, 2025. This has extended various filing and payment deadlines and applies to all Georgia residents and businesses. The relief applies to income tax returns normally due in March and April. It also covers 2023 individual and corporate returns with valid extensions and estimated quarterly payments. The relief is welcome news for many that need extra time to recover from the storm’s damage.  To help clients, prospects, and others, Wilson Lewis has provided a summary of the key details below.

Tax Filing & Payment Relief

The relief applies to all federal tax filing and payment deadlines. It means all Georgia individuals and businesses will have until May 1, 2025, to make federal tax filings and payments originally due during this time. Examples of postponed deadlines, include:

• 2024 individual or business tax returns normally due during March/April of 2025.
• Individual, business, or organization has a valid extension for the 2023 federal return. Since the payments were due last Spring, these payments are not included in the recent announcement.
• 2024 quarterly tax payments typically due on January 15, 2025, and estimated tax payments typically due on April 15, 2025.
• Quarterly payroll and excise tax returns usually due on October 31^st, January 31^st, and April 30^th, 2025.

Program Participation

Unlike other IRS programs, taxpayers are not required to take any action to qualify. The agency will automatically provide filing and penalty relief that to those that have an IRS address with the disaster area. So, if you live or operate a business in Georgia you automatically qualify. There is no need to contact the IRS.

It is important to note that it’s possible for an affected taxpayer to have an IRS address of record outside of the disaster zone. This often happens because of a move that occurred after the submission of the last tax return. It is possible a late filing or payment notice could be received. In these circumstances, simply call the number of the Notice to have the penalties removed. 

The IRS has indicated they will also work with anyone who lives outside the disaster area but have essential tax documents and records located within it. For this group, it will be necessary to contact the IRS to discuss the situation and determine how the relief will apply.

Contact Us

The recent announcement provides a welcome extension to federal tax filing and payment deadlines. It also opens the door to new tax planning and saving opportunities. If you have questions about the information outlined above or need assistance with a tax or accounting issue, Wilson Lewis can help. For additional information call 770-476-1004 or click here to contact us. We look forward to speaking with you soon.