The US Internal Revenue Service (IRS) released OK-2024-01 on Monday, 6 May, 2024, in which it announced tax relief for individuals and businesses in Oklahoma that were affected by severe storms, straight-line winds, tornadoes, and flooding that began on 25 April, 2024.
These taxpayers now have until 3 September, 2024, to file various federal individual and business tax returns, and make tax payments.
Following the disaster declaration issued by the Federal Emergency Management Agency (FEMA), individuals and households that reside or have a business in Carter, Hughes, Love, and Murray counties qualify for tax relief.
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 25 April, 2024, and before 3 September, 2024, are granted additional time to file through 3 September, 2024. As a result, affected individuals and businesses will have until 3 September, 2024, to file returns and pay any taxes that were originally due during this period.
The 3 September, 2024, deadline also applies to any payment normally due during this period, including:
- the quarterly estimated tax payment due on 17 June 2024, and
- the quarterly payroll and excise tax returns normally due on 1 May, 2024, and 31 July, 2024.
In addition, penalties on payroll and excise tax deposits due on or after 25 April, 2024, and before 10 May, 2024, will be abated as long as the tax deposits are made by 10 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; the taxpayer should call the telephone number on the notice to have the IRS abate the penalty.
