On August 30, 2023, the IRS announced relief from certain tax filing and payment deadlines for individuals and businesses in parts of Florida that were affected by Hurricane Idalia. The relief, provided in IR-2023-159 and FL-2023-06, extends to any county designated as a major disaster area by FEMA, and to counties added in the future. 46 of Florida’s 67 counties were mentioned in the News Release, but others have been added since then.
The tax relief postpones various tax filing and payment deadlines that occur from August 27, 2023, through February 15, 2024 – the postponement period. Affected individuals and businesses therefore will have until February 15, 2024 to file tax returns and to pay any taxes that were originally due during the postponement period. For example, the new deadlines apply to the following:
- Individuals who had a valid extension to file their 2022 return due to run out on Oct. 16, 2023. The IRS noted, however, that because tax payments related to these 2022 returns were due on April 18, 2023, those payments are not eligible for this relief.
- Quarterly estimated income tax payments normally due on Sept. 15, 2023, and Jan. 16, 2024.
- Quarterly payroll and excise tax returns normally due on Oct. 31, 2023, and Jan. 31, 2024.
- Calendar-year partnerships and S corporations whose 2022 extensions run out on Sept. 15, 2023.
- Calendar-year corporations whose 2022 extensions run out on Oct. 16, 2023.
- Calendar-year tax-exempt organizations whose extensions run out on Nov. 15, 2023.
The tax relief also applies to penalties for the failure to make payroll and excise tax deposits due on or after Aug. 27, 2023, and before Sept. 11, 2023. Such penalties will be abated as long as the deposits are made by Sept. 11, 2023.
If an affected taxpayer receives a late-filing or late-payment penalty notice from the IRS but has an original or extended filing, payment, or deposit due date that falls within the postponement period, the taxpayer should call the telephone number on the notice to have the IRS abate the penalty.
Contact Us
For more information on this topic, please contact a member of Withum’s Business Tax Services Team.
