The US Internal Revenue Service (IRS), in a release—IR-2024-176 on 27 June 2024, announced tax relief for individuals and businesses in Mississippi that were affected by severe storms, straight-line winds, tornadoes, and flooding that began on 8 April, 2024.
These taxpayers now have until 1 November, 2024, to file various federal individual and business tax returns and make tax payments.
The IRS is offering relief to any area designated by the Federal Emergency Management Agency (FEMA). This means that individuals and households that reside or have a business in Hancock, Hinds, Humphreys, Madison, Neshoba, and Scott counties qualify for tax relief.
Filing and payment relief
The tax relief postpones various tax filing and payment deadlines that occurred from 8 April, 2024, through 1 November, 2024, (postponement period). 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.
This means, for example, that the 1 November, 2024, deadline will now apply to:
- Individual income tax returns and payments normally due on 15 April, 2024.
- 2023 contributions to IRAs and health savings accounts for eligible taxpayers.
- Quarterly estimated income tax payments normally due on 15 April, 17 June, and 16 September, 2024.
- Quarterly payroll and excise tax returns normally due on 30 April, 31 July, and 31 October, 2024.
- Calendar-year corporation and fiduciary returns and payments normally due on 15 April, 2024.
- Calendar-year tax-exempt organisation returns normally due on 15 May, 2024.
In addition, penalties for failing to make payroll and excise tax deposits due on or after 8 April, 2024, and before 23 April, 2024, will be abated, as long as the deposits were made by 23 April, 2024.
