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Tax relief for Rhode Island & Maine residents affected by severe weather

Tax relief for Rhode Island & Maine residents affected by severe weather

The IRS has announced significant tax relief for individuals and businesses in Rhode Island impacted by the severe storms, flooding, and tornadoes that began on September 10, 2023.

This tax relief also is also provided to individuals and businesses in parts of Maine affected by severe storms and flooding that began on Dec. 17, 2023.

Extended filing and payment deadlines

Following a disaster declaration by the Federal Emergency Management Agency (FEMA), the IRS is offering extended deadlines to file various federal tax returns and make tax payments for those in Providence County.

The new deadline for affected taxpayers is June 17, 2024.

Key extensions include:

  • Individual and business tax returns: The June 17, 2024, deadline applies to individual income tax returns and payments that are normally due on April 15, 2024.
  • Quarterly estimated tax payments: This relief covers payments due on September 15, 2023, January 16, and April 15, 2024.
  • Payroll and excise tax deposits: Penalties for deposits due on or after September 10, 2023, and before September 25, 2023, will be abated if the deposits are made by September 25, 2023.

Additional relief for businesses

Affected businesses also benefit from the June 17, 2024, extension for:

  • Quarterly payroll and excise tax returns.
  • Calendar-year partnership and S corporation returns.
  • Calendar-year corporation and fiduciary returns and payments.
  • Tax-exempt organization returns.

Requesting further extensions

Taxpayers needing an additional extension beyond June 17, 2024, for their 2023 federal income tax return must request it by April 15, 2024.

Those qualifying for an extension between April 15, 2024, and June 17, 2024, must submit their request on paper.

Penalty abatement and additional instructions

If an affected taxpayer receives a penalty notice for late filing or payment with a due date within the postponement period, they should contact the IRS to have the penalty abated.

The IRS automatically applies filing and payment relief to taxpayers located in the disaster area.

However, those outside the covered area must call the IRS disaster hotline at 866-562-5227 to request relief.

Casualty losses and other relief measures

Taxpayers in federally declared disaster areas may claim disaster-related casualty losses on their federal income tax return for either the year the event occurred or the prior year.

The IRS also waives fees for copies of previously filed tax returns for affected taxpayers and provides guidance on qualified disaster relief payments and special disaster distributions from retirement plans.

Ines Zemelman, EA
Founder of TFX