IRS Releases New Tax Benefits for People in Two States

Due to storm disasters that happened in two states of the USA, the IRS released new tax benefits for that area. For people and companies in areas of Kentucky and West Virginia impacted by severe storms, straight-line winds, tornadoes, landslides, and mudslides that started on April 2, 2024, the Internal Revenue Service (IRS) has offered tax relief.

The deadline for filing various individual and corporate tax returns and making tax payments is November 1, 2024, for taxpayers in the areas designated as federal disasters.

This includes different corporate filings that are typically due on March 15 and April 15, as well as individual income tax forms for 2023 that were originally due on April 15.

The deadline of November 1, 2024, by the IRS

  • The regular deadline for individual income tax returns and payments is April 15, 2024.
  • Contributions for qualified taxpayers made in 2023 to health savings accounts and IRAs.
  • The regular due dates for quarterly anticipated income tax payments are April 15, June 17, and September 16, 2024.
  • The regular due dates for quarterly payroll and excise tax filings in 2024 are April 30, July 31, and October 31.
  • Regularly due on April 15, 2024, are calendar-year corporate and fiduciary returns and payments.
  • Tax-exempt organizations’ calendar-year returns are typically due on May 15, 2024.

Read More: IRS Announces Tax-Free Payments For Thousands

Who are the affected taxpayers?

  • Those filing jointly with their spouse whose primary residence is situated in a protected disaster region.
  • Companies or individual owners whose main place of operation is situated in a designated disaster region.
  • Taxpayers who do not reside in a disaster region but whose records are kept in or are located in a covered disaster area are required to complete by a deadline.
  • Employees of charitable or governmental relief groups assisting in a designated disaster area.
  • Anyone who happened to be in a covered disaster region and was killed or injured as a result of the disaster, or anybody else the IRS determines to be impacted by a disaster that has been officially proclaimed by the federal government.

Leave a Comment