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The Internal Revenue Service (IRS) announced recently that there will be tax relief for 51 counties in Florida. Many of the counties previously qualified for relief under Hurricane Helene, but at least six additional counties and other locations are included in the new relief.
Generally, Florida taxpayers will have until May 1, 2025, to file most federal tax returns and make tax payments. This could include 2024 individual and business returns and payments that normally were due in March and April 2025.
The May 1, 2025-deadline applies to specific categories. Any individual in the Federal Emergency Management Agency (FEMA) region may defer the tax returns due in March or April 2025. If a C corporation or tax-exempt organization has a valid extension to file the calendar-year 2023 federal return, it also may delay filing. However, the IRS notes that payments were due last April 15 and, therefore, there is no eligibility for deferring those payments.
The relief may apply to quarterly estimated tax payments due on January 15 and April 15, 2025. Some payroll and excise tax returns that are normally due on October 31, 2024, January 31, 2025 and April 30, 2025, will qualify for relief.
The penalties for any organization that is not able to make payroll and excise tax deposits after October 4, 2024, will be abated so long as the deposits are made by October 21, 2024.
The IRS reminds taxpayers that it automatically provides filing and penalty relief to any individual with an address of record in the disaster area. If a taxpayer lives outside the disaster area but is unable to meet a deadline because records are within the disaster zone, the taxpayer must call the IRS at 866-562-5227.
If individuals have uninsured or unreimbursed disaster-related losses, they are permitted to claim those losses on either the 2024 or 2023 tax return. The election for this decision may be made up to six months after the due date of your federal income tax return for 2024. You should write FEMA number 3622-EM on a return claiming a loss.
Disaster relief payments from a government agency are generally excluded from income. These payments must be for "reasonable and necessary personal, family, living or funeral expenses, as well as for the repair or rehabilitation of their home, or for the repair or replacement of its contents."
The IRS also warns taxpayers about charity scams that often follow disasters. IRS Commissioner Danny Werfel stated, "Many people want to help survivors and their families by donating to charities. Too often, criminals take advantage of would-be donors' kindness by stealing money and personal information from well-meaning taxpayers. You should never feel pressured by solicitors to immediately give to a charity. It is important to do the research to verify if they are authentic first."
Commissioner Werfel offers several tips to avoid fake charities. The fake charity promoters often use emails and fake websites to trick well-meaning individuals. The IRS has a Tax Exempt Organization Search (TEOS) tool on www.IRS.gov that can be used to review the status of a charity.
Donors should be cautious if a charity wants a donation only by a gift card or wiring money. That is typically the mark of a scammer. In addition, if the solicitor asks for your Social Security number, a credit card number or a personal identification number, you should be on guard. Finally, scammers will typically pressure people to make an immediate donation. The IRS explains that legitimate charities are pleased to receive a donation at any time during the year.
Editor's Note: The tax relief until May 1, 2025, is a welcome benefit for Florida taxpayers. The IRS is correct that taxpayers should be generous in helping those in need, but donors should make certain that they are working with qualified disaster charities.
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