The US Internal Revenue Service (IRS), in a release—OK-2024-02 on 25 June 2024, announced tax relief for individuals and businesses in Oklahoma affected by severe storms, straight-line winds, tornadoes, and flooding that began on 19 May, 2024.
The affected taxpayers now have until 1 November, 2024, to file various federal individual and business tax returns and make tax payments.
Following a disaster declaration by the Federal Emergency Management Agency (FEMA), individuals and households that reside or have a business in Blaine, Caddo, Cluster, Delaware, Jackson, Mayes, Muskogee, and Rogers counties qualify for tax relief.
Certain deadlines falling on or after 19 May, 2024, and before 1 November, 2024, are postponed to 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 filing deadline applies to:
- Individuals who had a valid extension to file their 2023 return due to run out on 15 October, 2024 (but because tax payments related to these 2023 returns were due on 15 April, 2024, those payments are not eligible for relief);
- Businesses with an original or extended due date including, among others calendar-year partnerships and S corporations whose 2023 extensions run out on 16 September, 2024, and calendar-year corporations whose 2023 extensions run out on 15 October, 2024.
The 1 November, 2024, deadline also applies to:
- Quarterly estimated tax payments due on 17 June, 2024, and 16 September, 2024;
- Quarterly payroll and excise tax returns normally due on 31 July, 2024, and 31 October, 2024.
In addition, penalties on payroll and excise tax deposits due on or after 19 May, 2024, and before 3 June, 2024, will be abated as long as the tax deposits were made by 3 June, 2024.
