FloodSafe Minute September 2024

IRS Offers Relief to Taxpayers in Louisiana

Original by WWNO  - New Orleans Public Radio | By Athina Morris

The IRS is giving Louisiana taxpayers more time to file their tax returns and make payments as they recover from Hurricane Francine.

The Federal Emergency Management Agency (FEMA) issued a declaration that allows the IRS to postpone certain tax filing and tax payment deadlines for those in the disaster area.

Penalties for failing to make payroll and excise tax deposits on or after September 10, and before September 25, 2024, will be abated as long as the deposits are made by September 25, 2024.

Taxpayers will have until February 3, 2025, to file various federal individual and business tax returns and make tax payments.

The IRS relief is available for all of Louisiana. Currently, individuals who reside or have a business anywhere in Louisiana can qualify for tax relief. A list of eligible localities is available on the disaster relief page on IRS.gov (irs.gov/newsroom/tax-relief-in-disaster-situations).

The February 3^rd filing deadline applies to:

• Individuals and businesses that had a valid extension to file their 2023 return. However, the IRS noted that payments on these returns were due last spring and are therefore not eligible for this relief.
• Quarterly estimated income tax payments normally due on September 16, 2024, and January 15, 2025.
• Quarterly payroll and excise tax returns normally due on October 31, 2024, and January 31, 2025.

For the full report from the IRS with additional tax relief options, visit irs.gov/newsroom/irs-provides-relief-to-francine-victims-in-all-of-louisiana-various-deadlines-postponed-to-feb-3-2025.