The US Internal Revenue Service (IRS), on Friday, 16 May, 2024, in the release IR-2024-03, announced tax relief for individuals and businesses in Iowa affected by tornadoes and storms that occurred on 26 April, 2024.
Individuals and households that reside or have a business in Clarke, Harrison, Mills, Polk, Pottawattamie, Ringgold, Shelby, and Union counties qualify for tax relief. They now have until 15 October, 2024, to file various federal individual and business tax returns and make tax payments.
A disaster declaration issued by the Federal Emergency Management Agency (FEMA) permits the IRS to postpone certain tax-filing and tax-payment deadlines for taxpayers who reside or have a business in the disaster area.
Deadlines falling on or after 26 April, 2024, and before 15 October, 2024, are being granted additional time to file and pay any taxes that were originally due during this period.
The deadline also applies to quarterly estimated tax payments due on 17 June, 2024, and 16 September, 2024; and quarterly payroll and excise tax returns normally due on 30 April, 2024, and 31 July, 2024.
In addition, penalties on payroll and excise tax deposits due on or after 26 April, 2024, and before 13 May, 2024, will be abated as long as the tax deposits were made by 13 May, 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; they will need to call the number on the notice to have the IRS abate the penalty.
