Following April 15, many taxpayers and tax preparers breathed a sigh of relief as another tax filing deadline passed. For other taxpayers who resided in certain federally declared disaster areas during 2024, their tax filing deadline is quickly approaching.
For tax year 2024, the IRS issued filing relief for numerous taxpayers affected by various natural disasters including Hurricane Milton and Hurricane Helene. A full list of eligible localities and relief can be found on the IRS website. Most pertinent now are those locations which received an extension until May 1, 2025, to file the following individual and business returns:
- 2024 calendar-year business returns including partnerships (Form 1065) and S-corporation returns (Form 1120S) due on March 17, 2025
- 2024 individual tax returns (Form 1040) and related payments due April 15, 2025
- 2025 first quarter estimated payments (Form 1040-ES) due April 15, 2025
- 2024 calendar-year corporate income tax returns (Form 1120) and fiduciary income tax returns (Form 1041) and related payments due April 15, 2025
- Various other tax filings for payroll, tax-exempt organizations and others may also have received an extension depending upon the specific disaster
Taxpayers whose IRS address of record is in one of the following areas is eligible for the May 1, 2025, automatic extension:
- All taxpayers in Alabama, Florida, Georgia, North Carolina and South Carolina
- Residents of the city and borough of Juneau, Alaska.
- Residents of Chaves County, New Mexico.
- Residents of Carter, Claiborne, Cocke, Grainger, Greene, Hamblen, Hancock, Hawkins, Jefferson, Johnson, Sevier, Sullivan, Unicoi and Washington counties in Tennessee
- Residents of Albemarle, Appomattox, Bedford, Bland and Botetourt counties; Bristol City; Buchanan, Buckingham, Carroll and Charlotte counties; Covington City; Craig County; Danville City; Dickenson and Floyd counties; Galax City; Giles, Grayson, Greene, Lee, Madison, Montgomery and Nelson counties; Norton City; Patrick, Pittsylvania and Pulaski counties; Radford City; Roanoke City; Roanoke, Russell, Scott, Smyth, Tazewell, Washington, Wise and Wythe counties in Virginia
If taxpayers living in these areas have not already filed their tax returns, they must do so or request an extension of time to file by May 1, 2025. Using the normal extension request process, a taxpayer can obtain an extension until Oct. 15, 2025. However, an extension of time to file is not an extension to pay. Affected taxpayers must pay any anticipated balance due with their extension request by May 1, 2025, to avoid penalties and interest. First quarter estimated payments for tax year 2025 are also due by May 1, 2025.
In addition to IRS filing relief, there are several other disaster-related tax provisions available to affected taxpayers. If you suffered a loss, please work with your Baker Tilly advisor to determine whether any of these disaster related provisions apply to your situation.
The information provided here is of a general nature and is not intended to address the specific circumstances of any individual or entity. In specific circumstances, the services of a professional should be sought. Tax information, if any, contained in this communication was not intended or written to be used by any person for the purpose of avoiding penalties, nor should such information be construed as an opinion upon which any person may rely. The intended recipients of this communication and any attachments are not subject to any limitation on the disclosure of the tax treatment or tax structure of any transaction or matter that is the subject of this communication and any attachments.
