by Stephen Bevins

Following Tropical Storm Helene, BCS is here to help our clients and community in any way we can.

The IRS is helping through automatically granting tax relief by extending certain deadlines for individuals and households that reside or have a business in the Tennessee counties of Carter, Cocke, Greene, Hamblen, Hawkins, Johnson, Unicoi, and Washington, forty-one counties in Florida, six counties and one city in Virginia, and the entire states of Alabama, Georgia, North Carolina, and South Carolina. Affected taxpayers are granted automatic relief based on the address of record located in the disaster area.

If a taxpayer moved to the disaster area after filing their return, it is possible the IRS may not have an address of record located in the disaster area. The taxpayer could receive a late filing or late payment penalty notice for the IRS and should call the number on the notice to have the penalty abated.

Penalties on payroll and excise tax deposits due on or after September 26, 2024, and before October 11, 2024, will be abated if the tax deposits are made by October 11, 2024. If a taxpayer receives a late filing or late payment penalty notice from the IRS regarding an original filing, payment, or deposit due date falling within the postponement period, the taxpayer can call the telephone number on the notice and request penalty abatement.

Quarterly payroll and excise tax returns originally due on October 31, 2024, January 31, 2024, and April 30, 2025, are now due by May 1, 2025.

The postponement of time to file and pay does not apply to information returns in the W-2 or 1099 series. Information returns W-2 and 1099 are due by January 31, 2025.

BCS extends its sympathies to those affected by Tropical Storm Helene. For continued updates, visit our website at https://www.bcscpa.com/.