The IRS is offering tax relief to individuals and businesses affected by recent hurricanes across Florida, the Southeast, and other designated disaster areas. This relief includes extended deadlines, retirement plan relief, and potential tax benefits for disaster-related losses.
Extended Deadlines
Residents and businesses in affected areas, including all of Florida, Alabama, Georgia, North Carolina, South Carolina, parts of Tennessee, and Virginia, now have until May 1, 2025, to file federal returns and make certain tax payments. This applies to:
Taxpayers may be able to claim uninsured or unreimbursed disaster-related losses on their 2023 or 2024 tax return, allowing flexibility based on their financial needs. Such losses should be marked with FEMA Declaration Number 3622–EM. Qualified disaster relief payments for personal, family, or home expenses are also excluded from gross income.
Eligible taxpayers may access funds in their retirement accounts through special disaster distributions or hardship withdrawals without incurring a 10% early withdrawal penalty. Income from these distributions can be spread over three years.
Disaster-affected individuals can request free copies of tax returns or transcripts through IRS Form 4506 or via the “Get Transcript” tool on IRS.gov to apply for relief-related financial aid.
If your IRS address is in a disaster area, you automatically receive this relief—no need to contact the IRS.
The IRS is extending relief to those whose records are in the affected areas or who are actively involved in disaster recovery efforts. If your tax preparer is located in a designated disaster area, you also qualify for the relief.
Rosenfield and Company, PLLC is located in Orange County, FL, part of the impacted area.
If you would like more information or want to discuss how this affects you or your business, feel free to reach out to us directly.