The US Internal Revenue Service (IRS), in a release – AR-2024-01 – published on 6 June 2024, announced tax relief for individuals and businesses in parts of Arkansas that were affected by severe storms, straight-line winds, tornadoes, and flooding that occurred on 24 May, 2024.
These taxpayers now have until 1 November, 2024, to file various federal individual and business tax returns and make tax payments.
The declaration permits the IRS to postpone certain tax-filing and tax-payment deadlines for taxpayers who reside or have a business in the disaster area. For instance, certain deadlines falling on or after 24 May, 2024, and before 1 November, 2024, are granted additional time to file through 1 November, 2024.
As a result, affected individuals and businesses will have until 1 November, 2024, to file returns and pay any taxes that were originally due during this period.
The 1 November, 2024, deadline also applies to any payment due during this period, including:
- The quarterly estimated tax payments due on 17 June, 2024, and 16 September, 2024, and
- The quarterly payroll and excise tax returns are due on 31 July, 2024, and 31 October, 2024.
In addition, penalties on payroll and excise tax deposits due on or after 24 May, 2024, and before 10 June, 2024, will be abated as long as the tax deposits are made by 10 June, 2024.
If an affected taxpayer receives a late filing or late payment penalty notice from the IRS that has an original filing, payment or deposit due date that falls within the postponement period, the taxpayer should call the telephone number on the notice to have the IRS abate the penalty.
