The US Internal Revenue Service (IRS), in a release—IA-2024-08 on 27 June 2024, announced tax relief for individuals and businesses in Iowa that were affected by severe storms, flooding, straight-line winds, and tornadoes that began on 16 June, 2024.
These taxpayers now have until 1 November, 2024, to file various federal individual and business tax returns and make tax payments.
Following the disaster declaration issued by the Federal Emergency Management Agency (FEMA), individuals and households that reside or have a business in Buena Vista, Clay, Dickinson, Emmet, Lyon, O’Brien, Osceola, Plymouth, and Sioux counties qualify for tax relief.
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 16 June, 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 Nov. 1 filing deadline applies to:
- Individuals who had a valid extension to file their 2023 return due to run out on 15 October, 2024. The IRS noted, however, that because tax payments related to these 2023 returns were due on 15 April, 2024, those payments are not eligible for this 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 any payment normally 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 normally due on 31 July, 2024, and 31 October, 2024.
In addition, penalties on payroll and excise tax deposits due on or after 16 June, 2024, and before 1 July, 2024, will be abated as long as the tax deposits are made by 1 July, 2024.
