On Friday, 31 May, 2024, the US Internal Revenue Service (IRS), in a release—IR-2024-154, announced tax relief for individuals and businesses in parts of Massachusetts affected by severe storms and flooding that began on 11 September, 2023.
These taxpayers now have until 31 July, 2024, to file various federal individual and business tax returns and make payments.
The IRS is offering relief to any area designated by the Federal Emergency Management Agency (FEMA). Individuals and households residing or owning businesses in Bristol and Worcester counties qualify for tax relief.
Filing and payment relief
The tax relief postpones various tax filing and payment deadlines that occurred from 11 September, 2023, through 31 July, 2024 (postponement period). As a result, affected individuals and businesses will have until 31 July, 2024, to file returns and pay any taxes that were originally due during this period.
This means, for example, that the 31 July, 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 September, 2023, 16 January, 2024, 15 April, 2024, and 17 June, 2024.
- Quarterly payroll and excise tax returns normally due on 31 October, 2023, and 31 January, 2024, and 30 April, 2024.
- Calendar year partnership and S corporation returns normally due on 15 March, 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.
Individuals who had an extension to file their 2022 return will also have until 31 July, 2024, to file, though payments on these returns are not eligible for the extra time because they were due before the disaster occurred.
In addition, penalties for failing to make payroll and excise tax deposits due on or after 11 September, 2023, and before 26 September, 2023, will be abated as long as the deposits were made by 26 September, 2023.
