The US Internal Revenue Service (IRS), in a release – IA-2024-04 – published on 6 June, 2024,  announced tax relief for individuals and businesses in Iowa affected by severe storms, tornadoes, and flooding that occurred on 20 May, 2024. The affected 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 20 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 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 20 May, 2024, and before 4 June, 2024, will be abated as long as the tax deposits were made by 4 June, 2024.

If an affected taxpayer receives a late filing or late payment penalty notice from the IRS with 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.

The IRS automatically identifies taxpayers located in the covered disaster area and applies filing and payment relief. But, affected taxpayers who reside or have a business located outside the covered disaster area should call the IRS disaster hotline to request this tax relief.