BusinessPostCorner.com
No Result
View All Result
Thursday, June 5, 2025
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources
BusinessPostCorner.com
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources
No Result
View All Result
BusinessPostCorner.com
No Result
View All Result

IRS gives Beryl victims in Texas tax relief

July 23, 2024
in Accounting
Reading Time: 4 mins read
A A
0
IRS gives Beryl victims in Texas tax relief
ShareShareShareShareShare

Individuals and businesses in 67 Texas counties affected by Hurricane Beryl beginning on July 5 now have until next Feb. 3 to file various federal individual and business tax returns and make tax payments.

The Internal Revenue Service is offering relief to any area designated by the Federal Emergency Management Agency. Individuals and households that reside or have a business in the following counties qualify for this filing relief:

  • Anderson, Angelina, Aransas, Austin, Bowie, Brazoria, Brazos, Burleson, Calhoun, Cameron, Camp, Cass, Chambers, Cherokee, Colorado;
  • Dewitt, Fayette, Fort Bend, Freestone, Galveston, Goliad, Gregg, Grimes, Hardin, Harris, Harrison, Hidalgo, Houston, Jackson, Jasper, Jefferson;
  • Kenedy, Kleberg, Lavaca, Lee, Leon, Liberty, Madison, Marion, Matagorda, Milam, Montgomery, Morris, Nacogdoches, Newton, Nueces, Orange;
  • Panola, Polk, Refugio, Robertson, Rusk, Sabine, San Augustine, San Jacinto, San Patricio, Shelby, Trinity, Tyler, Upshur, Victoria, Walker, Waller, Washington, Webb, Wharton and Willacy.

The same relief will be available to any other counties added later to the disaster area. The current list of eligible localities is on the Tax relief in disaster situations page on IRS.gov.

The tax relief postpones various tax filing and payment deadlines that occurred from last July 5 through Feb. 3, 2025. Affected individuals and businesses will have until the latter date to file returns and pay any taxes originally due during this period. 

For instance, the Feb. 3 deadline applies to:

  • Any individual, business or tax-exempt organization that has a valid extension to file their 2023 federal return. Payments on these returns are not eligible for the extra time because they were due last spring, before Beryl. 
  • Quarterly estimated income tax payments normally due on Sept. 16, 2024, and Jan. 15, 2025.
  • Quarterly payroll and excise tax returns normally due on July 31 and Oct. 31, 2024, and on Jan. 31, 2025. 

Penalties for failing to make payroll and excise tax deposits due on or after July 5, 2024, and before July 22, 2024, will be abated as long as the deposits were made by July 22.
The Disaster assistance and emergency relief for individuals and businesses page has details on other returns, payments and tax-related actions qualifying for relief during the postponement period.

The IRS automatically provides filing and penalty relief to any taxpayer with an address of record in the disaster area. If an affected taxpayer does not have an address of record in the area (because, for example, they moved to the disaster area after filing their return), and they receive a late-filing or late-payment penalty notice from the IRS for the postponement period, they should call the number on the notice to have the penalty abated.

The IRS will work with any taxpayer who lives outside the disaster area but has records needed to meet a deadline occurring during the postponement period in the affected area. Qualifying taxpayers who live outside the disaster area should call the IRS at (866) 562-5227, including workers assisting the relief activities who are with a recognized government or philanthropic organization.

Individuals and businesses in a federally declared disaster area who suffered uninsured or unreimbursed disaster-related losses can choose to claim them on either the return for the year the loss occurred (in this instance, the 2024 return normally filed next year), or the return for the prior year (the 2023 filed this year).

Taxpayers have extra time — up to six months after the due date of the taxpayer’s federal income tax return for the disaster year (without regard to any extension of time to file) — to make the election. For individual taxpayers, this means Oct. 15, 2025. Write the FEMA declaration number — 4798-DR — on any return claiming a loss.

Credit: Source link

ShareTweetSendPinShare
Previous Post

HS2: Fewer seats could force passengers not to travel

Next Post

Talent evolution: From years-on-job to agility in action

Next Post
Talent evolution: From years-on-job to agility in action

Talent evolution: From years-on-job to agility in action

$BNB Rockets 19% in May – Can SEC Win & ETF Hype Propel It to K?

$BNB Rockets 19% in May – Can SEC Win & ETF Hype Propel It to $2K?

June 2, 2025
Trump’s tariffs are headed for a constitutional showdown at the Supreme Court that could reshape presidential power for decades

Trump’s tariffs are headed for a constitutional showdown at the Supreme Court that could reshape presidential power for decades

May 31, 2025
AI in hiring concerns reach federal court in Workday lawsuit

AI in hiring concerns reach federal court in Workday lawsuit

June 3, 2025
Donald Trump says he will double steel and aluminium tariffs to 50%

Donald Trump says he will double steel and aluminium tariffs to 50%

May 31, 2025
Bitcoin Price Prediction: Post-7M Liquidation Carnage – Can BTC Reclaim 4k Amid ETF Inflows?

Bitcoin Price Prediction: Post-$827M Liquidation Carnage – Can BTC Reclaim $104k Amid ETF Inflows?

May 31, 2025
Winter fuel payment U-turn in place this year, says chancellor

Winter fuel payment U-turn in place this year, says chancellor

June 4, 2025
BusinessPostCorner.com

BusinessPostCorner.com is an online news portal that aims to share the latest news about following topics: Accounting, Tax, Business, Finance, Crypto, Management, Human resources and Marketing. Feel free to get in touch with us!

Recent News

DOJ seizes crypto and 145 domains from BidenCash marketplace

DOJ seizes crypto and 145 domains from BidenCash marketplace

June 5, 2025
Family shocked at rental costs in Guernsey

Family shocked at rental costs in Guernsey

June 5, 2025

Our Newsletter!

Loading
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2023 businesspostcorner.com - All Rights Reserved!

No Result
View All Result
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources

© 2023 businesspostcorner.com - All Rights Reserved!