IRS Provides New Deadline Extensions for Storm Victims

Rhode Island and Connecticut are home to beautiful beaches, but they’re also notorious for serious winter storms. This past year, parts of both states faced severe storms and flooding that destroyed businesses and left some people homeless.

If you live in one of these states and were affected by a severe storm, you may qualify for IRS storm deadline extensions. Thanks to these extensions, you have several extra months to file your taxes.

Who Do These Extensions Cover?

The IRS storm extension deadlines cover:

  • People in Connecticut affected by severe storms and flooding that began on January 10, 2023
  • Residents of Providence County, Rhode Island, impacted by severe storms, flooding, and tornadoes that began on September 10, 2023

New IRS Deadline Extensions

Taxpayers in these designated disaster areas now have until June 17, 2024, to file and pay their taxes. IRS storm deadline extensions apply to:

  • Individual income tax returns originally due on April 15, 2024
  • Excise tax and quarterly payroll tax returns originally due on January 31 and April 30, 2024 (for Connecticut) or October 31, 2023, and January 31 and April 30, 2024 (for Rhode Island)
  • Quarterly estimated tax payments
  • 2023 contributions to health savings accounts and IRAs
  • Calendar-year tax-exempt organization returns originally due on May 15, 2024
  • Calendar-year fiduciary and corporation returns/payments originally due on April 15, 2024
  • Calendar-year S-corporation and partnership returns originally due on March 15, 2024

In Rhode Island, those who had an extension to file their 2022 returns also have until June 17, 2024, to do so. However, payments due last spring aren’t eligible for relief because they were due before the disaster occurred.

Claiming Disaster-Related Losses

If you live or have a business in a disaster area and have uninsured or unreimbursed disaster-related losses, the IRS allows you to claim them on your current-year or prior-year return. You have up to six months after the due date of your federal tax return to make this election.

Additional Relief for Those Who Participate in an IRA

If you make contributions to an IRA or another retirement plan, you may be able to take a special disaster distribution that’s not subject to the typical 10% early withdrawal penalty. Consult your plan’s rules to determine whether you’re eligible to take a penalty-free early withdrawal.

What If You Live Outside the Designated Disaster Area?

Taxpayers without an address in the designated disaster areas generally aren’t eligible for the extension. However, the IRS understands that some people have unique circumstances and may make an exception in these cases.

If you don’t have an address in the disaster area because you moved there after filing your return, the IRS might charge you a penalty for filing your return late. You can call the number on your late payment penalty notice to have the charge forgiven.

If you live outside the disaster area but have the records necessary to qualify for an extension, you can call the IRS at (866) 562-5227. 

Tax Help Is Available for Storm Victims

Have more questions about IRS storm deadline extensions? Not sure whether you live in a designated disaster area? If you need guidance or would like an attorney to look over your tax returns, call Levy & Associates at (800) TAX-LEVY today. Our tax pros will determine whether you qualify for the extension so you can avoid penalties from the IRS.

Contact Levy & Associates for Dependable Tax Audit Services

Levy & Associates is available for free initial consultations. We’re happy to answer any questions you have about the audit process or address any concerns about your specific situation.

There’s never a good time to be audited, and the time-consuming process will take away from your business or family if you try to face it alone. Let us handle and coordinate communication, so you can return to your daily life.