The IRS announced a deadline extension for certain taxpayers impacted by Hurricane Lee, which hit the east coast in September 2023. Taxpayers who reside in or have a business in affected areas will now have until February 15, 2024 to file individual and business tax returns and make tax payments that were originally due on or after September 15, 2023.
This relief will automatically be applied to all taxpayers with an address of record in the disaster area. The disaster area includes all 16 counties in Maine and all 14 counties in Massachusetts.
Affected taxpayers in a federally declared disaster area also have the option to claim disaster-related casualty losses on their income tax return for either the year in which the event occurred, or the prior year. The IRS has also granted an extension for taxpayers who choose to claim their losses on their 2022 return, giving them until October 15, 2024 to make this election.
The IRS will also waive the usual fees and requests for copies of previously filed tax returns for affected taxpayers, and additional relief may be available for affected taxpayers who participate in a retirement plan or IRA. Each plan or IRA has specific rules and guidance for their participants to follow.
If you were impacted by Hurricane Lee and believe that you qualify for relief, you should speak with your CPA to determine how to proceed. If you have questions about this tax relief announcement, leave a comment below, or feel free to contact me directly.