Now is time for the aftermath, to review what’s next after Hurricane Idalia impacted the eastern cost of the United States. After the devastation of nature in the states of Florida and South Carolina, there’s some relief on the horizon for individuals and businesses directly affected by this natural disaster. The Internal Revenue Service (IRS) has stepped in to provide some breathing room when it comes to tax deadlines.
For those individuals in Florida who were granted an extension to file their 2022 federal tax returns, there’s good news. The original deadline of October 16, 2023, has now been pushed back by the IRS to February 15, 2024, offering some much-needed flexibility during these challenging times. There are some great new for South Carolinians as well, but, let’s go part by part.
Floridians to get tax relieves after the Hurricane Idalia
According to the IRS, if you live or do business in the following Florida counties: Alachua, Baker, Bay, Bradford, Calhoun, Charlotte, Citrus, Clay, Collier, Columbia, DeSoto, Dixie, Duval, Flagler, Franklin, Gadsden, Gilchrist, Gulf, Hamilton, Hardee, Hernando, Hillsborough, Jefferson, Lafayette, Lake, Lee, Leon, Levy, Liberty, Madison, Manatee, Marion, Nassau, Pasco, Pinellas, Polk, Putnam, Sarasota, Seminole, St. Johns, Sumter, Suwannee, Taylor, Union, Volusia, and Wakulla, you may be eligible for tax relief.
They automatically identify taxpayers in the affected disaster area and provide relief for filing and payment. However, if you’re an affected taxpayer outside this designated area, don’t fret. You can reach out to the IRS disaster hotline at 866-562-5227 to request the same tax relief.
Now, here’s the important aspect to consider: You’ve got until February 15, 2024, to get your ducks in a row. That’s the deadline to file your returns and settle any taxes that were originally due during this time frame. This even covers those 2022 individual income tax returns that were initially supposed to be in by October 16, 2023. Just remember, any tax payments related to these 2022 returns that were due on April 18, 2023, don’t qualify for this relief.
South Carolinians to Get a Tax Relief as Well – What do you have to do?
The state of South Carolina was also effected by this natural disaster, and over 30,000 residents went out of power during several days after the severe flooding. For those people, there’s also a tax alleviation announced by the IRS. The measure comprehend both federal and state tax deadlines, offering South Carolina residents a chance to recover from the storm’s aftermath. This extension comes in the wake of similar tax relief initiatives in Florida following Hurricane Idalia.
South Carolina taxpayers impacted by Idalia now have until February 15, 2024, to file specific tax returns and make payments originally due between August 29, 2023, and February 15, 2024. This extension encompasses several key areas, including quarterly payroll and excise tax returns typically due on October 31, 2023, and January 31, 2024.
Additionally, penalties for failing to make deposits for payroll and excise taxes due between August 29, 2023, and September 13, 2023, will be waived, provided payments are made by September 13, 2023. For taxpayers who had an initial tax deadline extension until October 16, they now have until February 15 to file their individual tax returns. It’s important to note that this extension does not apply to tax payments associated with individual tax returns with an original extended filing deadline of October 16, as these were due on Tax Day, April 18.