Tax Deadline Extensions for 2023 & 2024 Due to Hurricane Milton

As residents and business owners in Florida, it’s crucial to stay informed about tax obligations, especially in the aftermath of natural disasters like Hurricane Milton. The IRS has provided specific relief measures for those affected, including extensions for tax filing and payment deadlines. Here’s what you need to know:

2023 Tax Returns:

For individuals and businesses that had valid extensions for their 2023 tax returns, the IRS has extended the filing deadline to May 1, 2025. It’s important to note that this extension applies solely to the filing of returns; any payments related to these 2023 returns were due on April 15, 2024, and are not eligible for this relief. (Source: IRS.gov)

2024 Tax Returns and Payments:

The IRS has also postponed various tax filing and payment deadlines that occurred beginning on October 5, 2024, and ending on May 1, 2025. As a result, affected individuals and businesses will have until May 1, 2025, to file returns and pay any taxes that were originally due during this period. (Source: IRS.gov)

Quarterly Estimated Tax Payments:

The May 1, 2025, deadline also applies to quarterly estimated tax payments that were originally due on January 15, 2025, and April 15, 2025. (Source: IRS.gov)

Payroll and Excise Tax Returns:

For businesses, the relief includes extensions for quarterly payroll and excise tax returns that were normally due on October 31, 2024, January 31, 2025, and April 30, 2025. These returns are now due by May 1, 2025. (Source: IRS.gov)

Deposit Penalty Relief:

Additionally, penalties on payroll and excise tax deposits due on or after October 5, 2024, and before October 20, 2024, will be abated as long as the tax deposits were made by October 20, 2024. (Source: IRS.gov)

It’s essential for all affected taxpayers to be aware of these extensions and plan accordingly. While the IRS provides automatic relief to taxpayers with an address of record in the disaster area, it’s advisable to consult with a tax professional to ensure compliance and to address any specific concerns related to your situation.

At Tembo CPAs, we are committed to assisting our clients through these challenging times. If you have any questions or need guidance on how these extensions impact your tax obligations, please don’t hesitate to reach out to us.