The US Internal Revenue Service (IRS), on Thursday, 16 May, 2024, in a release (IR-2024-141) announced tax relief for individuals and businesses in Ohio affected by tornadoes that began on 14 March, 2024.

Taxpayers now have until 3 September, 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 who reside or have a business in Auglaize, Crawford, Darke, Delaware, Hancock, Licking, Logan, Mercer, Miami, Richland, and Union qualify for tax relief.

Filing and payment relief

The tax relief postpones various tax filing and payment deadlines that occurred from 14 March, 2024, through 3 September, 2024 (postponement period).

This means, for example, that the  updated 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, 2024, and 17 June, 2024.
  • Quarterly payroll and excise tax returns normally due on 30 April, 2024, and 31 July, 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.

Penalties for failing to make payroll and excise tax deposits due on or after 14 March, 2024, and before 29 March, 2024, will be abated as long as the deposits were made by 29 March, 2024.

Anyone who needs a tax-filing extension beyond 3 September, 2024, can get it by filing Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return, with the IRS.

The IRS cannot accept electronically filed extension requests made after 15 April, 2024, these requests must be submitted on paper.

Although payments are still due on 3 September, 2024, taxpayers will then have until 15 October, 2024, to file for extensions.