Retirement Catch Up Contributions
July 17, 2024
The Internal Revenue Service announced tax relief for individuals and businesses in four states affected by Hurricane Debby.
Affected taxpayers in South Carolina, North Carolina, Florida and Georgia now have until Feb. 3, 2025, to file various federal individual and business tax returns and make tax payments.
The IRS is offering relief to any area designated by the Federal Emergency Management Agency (FEMA). Currently, this applies to all 46 counties in South Carolina.
Filing and payment relief
The tax relief postpones various tax filing and payment deadlines that occurred beginning on Aug. 1, 2024, in Florida, Aug. 4, 2024, in Georgia and South Carolina, and Aug. 5, 2024, in North Carolina.
The relief period continues through Feb. 3, 2025 (postponement period), in all four states. As a result, affected individuals and businesses will have until Feb. 3, 2025, to file returns and pay any taxes that were originally due during this period.
This means, for example, that the Feb. 3, 2025, deadline will now apply to:
* Any individual, business or tax-exempt organization that has a valid extension to file their 2023 federal return. The IRS noted, however, that payments on these returns aren’t eligible for the extra time because they were due last spring before the hurricane occurred.
* Quarterly estimated income tax payments normally due on Sept. 16, 2024, and Jan. 15, 2025.
* Quarterly payroll and excise tax returns normally due on Oct. 31, 2024, and Jan. 31, 2025.
In South Carolina, penalties for failing to make payroll and excise tax deposits due on or after Aug. 4, 2024, and before Aug. 19, 2024, will be abated, as long as the deposits are made by Aug. 19, 2024.
The Disaster assistance and emergency relief for individuals and businesses page has details on other returns, payments and tax-related actions qualifying for relief during the postponement period.
The IRS automatically provides filing and penalty relief to any taxpayer with an IRS address of record located in the disaster area. These taxpayers do not need to contact the agency to get this relief.
