NASHVILLE, Tenn. (WKRN) — The Internal Revenue Service (IRS) announced Friday that businesses and individuals who were affected by a recent round of severe storms and tornadoes in Tennessee will be able to receive tax relief.
Following the disaster declaration issued by the Federal Emergency Management Agency (FEMA), the IRS said individuals and households who live or have a business in Davidson, Dickson, Montgomery and Sumner counties qualify for tax relief.
The declaration permits the IRS to postpone certain tax-filing and tax-payment deadlines for people who live or have a business in the disaster area. For instance, certain deadlines falling on or after Dec. 9 and before June 17, 2024, are granted additional time to file.
As a result, impacted individuals and businesses will have until June 17, 2024, to file returns and pay any taxes that were originally due during that period. The June 17, 2024, deadline applies to individual income tax returns and payments normally due on April 15, 2024.
In addition, 2023 contributions to IRAs and health savings accounts are extended to June 17, 2024 for affected taxpayers. The tax relief also applies to quarterly estimated tax payments, normally due on Jan. 16, 2024, and April 15, 2024.
Penalties on payroll and excise tax deposits due on or after Dec. 9 and before Dec. 26 will be abated as long as the tax deposits are made by Dec. 26 according to the IRS.
The June 17, 2024, deadline also applies to the following for affected businesses:
- Quarterly payroll and excise tax returns normally due on Jan. 31, 2024, and April 30, 2024.
- Calendar-year partnership and S corporation returns normally due on March 15, 2024.
- Calendar-year corporation and fiduciary returns and payments normally due on April 15, 2024.
- Calendar-year tax-exempt organization returns normally due on May 15, 2024.
The IRS urges anyone who needs an additional tax-filing extension, beyond June 17, 2024, for their 2023 federal income tax return to request it electronically by April 15, 2024.
Although a disaster-area taxpayer qualifies to request an extension between April 15, 2024, and June 17, 2024, a request filed during that time period can only be submitted on paper.
Whether requested electronically or on paper, the taxpayer will then have until Oct. 15, 2024, to file, though payments are still due on June 17, 2024. Click here for more details on how to apply for an extension.
If an affected taxpayer receives a late filing or late payment penalty notice from the IRS who has an original filing, payment or deposit due date that falls within the postponement period, the taxpayer should call the phone number on the notice to have the IRS abate the penalty.
The IRS automatically identifies taxpayers located in the covered disaster area and applies filing and payment relief. Impacted taxpayers who live or have a business located outside the covered disaster area should call the IRS disaster hotline at 866-562-5227 to request tax relief.