23 Jul 2024 IRS Provides Relief to Hurricane Beryl Victims in Texas
The Internal Revenue Service has announced tax relief measures for individuals and businesses in 67 Texas counties affected by Hurricane Beryl, which began on July 5, 2024.
Affected taxpayers now have until February 3, 2025, to file various federal individual and business tax returns and make payments. This relief applies to areas designated by the Federal Emergency Management Agency (FEMA), including counties like Cameron, Harris, Montgomery, and others listed on the IRS website.
During this postponement period, taxpayers can delay filing and payment deadlines that originally fell between July 5, 2024, and February 3, 2025. For example, deadlines for filing any individual, business, or tax-exempt organization that has a valid extension to file their 2023 federal return, as well as quarterly estimated income tax payments and payroll tax returns, have been extended. Penalties for late payroll and excise tax deposits made after July 5, 2024, and before July 22, 2024, will be waived if deposits are completed by July 22, 2024.
Taxpayers located in the disaster area automatically receive filing and penalty relief. Those outside the area with records necessary to meet postponed deadlines should contact the IRS. Additional relief options include claiming disaster-related losses on either the 2023 or 2024 tax return and excluding qualified disaster relief payments from taxable income. Taxpayers should be sure to save documentation of losses, payments made, and insurance/FEMA reimbursements in case property losses exceed reimbursement and can be claimed on their 2023 or 2024 tax returns. For more information, see IRS Topic Number 107.
For more details and updates on disaster recovery assistance, visit DisasterAssistance.gov.
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