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IRS Announces Tax Relief for Hurricane Helene Victims

As your trusted accounting advisors at Nyra Eason, CPA, LLC, we want to keep you informed about important tax updates that may affect you or your business. The Internal Revenue Service (IRS) has recently announced significant tax relief measures for individuals and businesses impacted by Hurricane Helene. Here's what you need to know:

Affected Areas

The tax relief applies to the entire states of Alabama, Georgia, North Carolina, and South Carolina, as well as parts of Florida, Tennessee, and Virginia. The IRS is offering this relief to any area designated by the Federal Emergency Management Agency (FEMA) as qualifying for individual assistance.

Extended Deadlines

Taxpayers in the affected areas now have until May 1, 2025, to file various federal individual and business tax returns and make tax payments. This extension applies to:

2024 individual and business returns normally due in March and April 2025
2023 individual and corporate returns with valid extensions
Quarterly estimated tax payments

Relief Period

The relief period varies by state but generally begins in late September 2024:

Alabama: September 22, 2024
Florida: September 23, 2024
Georgia: September 24, 2024
North Carolina, South Carolina, and Virginia: September 25, 2024
Tennessee: September 26, 2024

Additional Relief Measures

Penalty Relief: The IRS is providing penalty relief for businesses making payroll and excise tax deposits.
Automatic Relief: Taxpayers with an IRS address of record in the disaster area automatically receive filing and penalty relief.
Disaster Losses: Affected taxpayers can claim disaster-related losses on either their 2024 or 2023 tax returns.
Retirement Plans and IRAs: Special provisions may apply for early distributions or hardship withdrawals.

How We Can Help

At Nyra Eason, CPA, LLC, we understand that navigating tax relief measures during times of crisis can be challenging. Our team is here to assist you in:

Determining if you qualify for this tax relief
Adjusting your tax strategy to take full advantage of these measures
Properly documenting and claiming any disaster-related losses
Exploring options related to retirement plan distributions if needed

Don't hesitate to reach out to us for personalized guidance on how these tax relief measures may impact your specific situation. We're here to help you make informed financial decisions during these difficult times.

Remember, while this relief provides some breathing room, it's essential to stay proactive in your tax planning. Contact Nyra Eason, CPA, LLC today to schedule a consultation and ensure you're making the most of these relief measures.

Stay safe, and let us handle your tax concerns while you focus on recovery.

Contact Information

For personalized guidance:

Schedule a consultation: https://koalendar.com/u/easoncpa-appointment
Contact our office: (770) 474-0464

Disclaimer: This blog provides general information and should not be construed as specific tax advice. Individual consultation with a qualified tax professional is recommended for your specific situation.