Tax Deadlines Extended for Tennessee
In response to the severe storms and tornadoes that struck parts of Tennessee starting on December 9, the Internal Revenue Service (IRS) has announced tax relief measures for affected individuals and businesses. The relief extends filing deadlines and offers flexibility in making tax payments.
Extended Deadline: June 17, 2024
Taxpayers in designated areas, including Davidson, Dickson, Montgomery, and Sumner counties, now have until June 17, 2024, to file various federal individual and business tax returns and make corresponding payments. The IRS emphasizes that this relief is applicable to any area designated by the Federal Emergency Management Agency (FEMA), with the current list available on the disaster relief page on IRS.gov.
Filing and Payment Relief Highlights
The tax relief covers various tax filing and payment deadlines that occurred from December 9, 2023, through June 17, 2024.
This includes:
Individual income tax returns and payments due on April 15, 2024.
2023 contributions to IRAs and health savings accounts.
Quarterly estimated income tax payments due on January 16 and April 15, 2024.
Quarterly payroll and excise tax returns due on January 31 and April 30, 2024.
Calendar-year partnership and S corporation returns due on March 15, 2024.
Calendar-year corporation and fiduciary returns and payments due on April 15, 2024.
Calendar-year tax-exempt organization returns due on May 15, 2024.
The IRS has also highlighted that penalties for failing to make certain tax deposits between December 9, 2023, and December 26, 2023, will be abated if the deposits are made by the latter date.
Automatic Relief for Affected Taxpayers
The IRS automatically provides filing and penalty relief to any taxpayer with an IRS address of record located in the disaster area. However, those who may not have an IRS address of record in the affected area should contact the IRS if they receive a penalty notice during the postponement period.
For taxpayers outside the disaster area but with records in the affected region, assistance is available by contacting the IRS at 866-562-5227.
Additional Tax Relief Measures
Individuals and businesses who suffered uninsured or unreimbursed disaster-related losses can choose to claim them on either the return for the year of the loss (2023) or the prior year (2022). Qualified disaster relief payments are generally excluded from gross income. Additionally, affected taxpayers participating in retirement plans or IRAs may be eligible for special provisions.
The IRS may provide further disaster relief in the future, and for comprehensive information on disaster recovery, taxpayers are encouraged to visit DisasterAssistance.gov.
This tax relief initiative is part of a coordinated federal response to the damage caused by the storms, based on local assessments by FEMA. The IRS remains committed to supporting those affected by these natural disasters and stands ready to provide additional assistance as needed.
Disclaimer: This article is for informational and educational purposes only and does not constitute legal tax advice. Advanced Tax Solutions is not liable or responsible for any damages resulting from or related to your use of this information. It is your responsibility to refer to official IRS documentation for information regarding any tax laws or tax information shown here.
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