Navigating tax obligations whereas dealing with unexpected challenges posed by a pure catastrophe could make for particularly tough occasions. Should you had been a sufferer of a pure catastrophe in an space designated as a federal catastrophe by the Federal Emergency Administration Company (FEMA) the IRS has possible prolonged varied federal tax deadlines and different aid to you.
If these storms impacted you, we wish you to know TurboTax is right here for you, and we need to hold you updated with vital tax aid info that will enable you to on this time of want. Word: extension dates and federal and state necessities are depending on the state and county the place you reside or have a enterprise.
Try our interactive map, under, that includes sources from the IRS.
Connecticut
Key Takeaways:
- Federal tax and funds deadlines are prolonged to June 17, 2024.
- To qualify, you need to have an deal with of file situated within the catastrophe space.
Federal Tax Aid
The IRS has introduced tax aid for people and companies in New London County, together with the Mohegan Tribal Nation and Mashantucket Pequot Tribal Nation affected by extreme storms, flooding and a possible dam breach that started on January 10, 2024. The identical aid shall be out there to every other Connecticut localities added later to the catastrophe space. The tax aid postpones varied submitting and fee deadlines that occurred from January 10, 2024 to June 17, 2024. Consequently these affected people and companies have till June 17, 2024 to file return and pay any taxes initially due throughout this time.
The June 17, 2024 deadline additionally applies to:
- 2023 particular person earnings tax returns and funds usually due on April 15, 2024
- 2023 contributions to IRAs and well being financial savings accounts for eligible taxpayers.
- Quarterly estimated earnings tax funds usually due on Jan. 16 and April 15, 2024.
- Quarterly payroll and excise tax returns usually due on Jan. 31 and April 30, 2024.
- Calendar-year partnership and S company returns usually due on March 15, 2024.
- Calendar-year company and fiduciary returns and funds usually due on April 15, 2024.
- Calendar-year tax-exempt group returns usually due on Might 15, 2024.
- Penalties for failing to make payroll and excise tax deposits due on or after Jan. 10, 2024, and earlier than Jan. 25, 2024, shall be abated so long as the deposits are made by Jan. 25, 2024.
State Tax Aid At the moment there has not been an announcement from the state of Connecticut for state tax aid. Examine with the Connecticut State Division of Income Providers web site for any newest information replace.
Tennessee
Key Takeaways:
- Federal tax and funds deadlines are prolonged to June 17, 2024.
- To qualify, you need to have an deal with of file situated within the catastrophe space.
Federal Tax Aid
The IRS has supplied tax aid for people and companies in Davidson, Dickson, Montgomery, and Sumner counties of Tennessee affected by extreme storms and tornadoes that started on December 9, 2023. These taxpayers now have till June 17, 2024 to file varied federal particular person and enterprise tax returns and make tax funds. This is applicable to particular person earnings tax returns and funds due on April 15, 2024. Should you want an extension past June 17, on your 2023 federal earnings tax return you need to request it electronically by April 15 to have till October 15, 2024, to file, although funds are nonetheless due on June 17, 2024.
The June 17, 2024 deadline additionally applies to:
- 2023 contributions to IRAs and well being financial savings accounts for eligible taxpayers.
- Quarterly estimated earnings tax funds usually due on Jan. 16 and April 15, 2024.
- Quarterly payroll and excise tax returns usually due on Jan. 31 and April 30, 2024.
- Calendar-year partnership and S company returns usually due on March 15, 2024.
- Calendar-year company and fiduciary returns and funds usually due on April 15, 2024.
- Calendar-year tax-exempt group returns usually due on Might 15, 2024.
State Tax Aid
Whereas the state of Tennessee doesn’t have a person earnings tax the Tennessee Division of Income has not introduced any extra aid efforts at the moment.
What do I must do to assert the federal tax extension?
The IRS routinely offers submitting and penalty aid for Federal tax returns to any taxpayer with an IRS deal with of file situated within the catastrophe space. Taxpayers don’t must contact the IRS to get this aid. Nevertheless, if an affected taxpayer receives a late submitting or late fee penalty discover from the IRS that has an authentic or prolonged submitting, fee or deposit due date falling inside the postponement interval, the taxpayer ought to name the quantity on the discover to have the penalty abated.
If you’re not a sufferer, however you might be seeking to assist these in want, it is a nice alternative to donate or volunteer your time to reputable 501(c)(3) not-for-profit charities who’re offering aid efforts for storm victims.
Examine again with the TurboTax weblog for extra updates on catastrophe aid.
The tax aid is a part of a coordinated federal response to the injury attributable to the tough storms and relies on native injury assessments by FEMA. For info on catastrophe restoration, go to disasterassistance.gov.
