Tax Extensions Granted to Hurricane Idalia Victims

Presented by Marc Aarons

I wanted to reach out to ensure you saw the Internal Revenue Service’s recent announcement for Floridians impacted by Hurricane Idalia.

On August 30, 2023, the IRS announced a tax extension for those impacted by Hurricane Idalia. Florida residents in these Florida counties now have until February 15, 2024, to file various 2022 individual and business tax return extensions and make tax payments.

Here are a few details about the extension:

• Individuals who had a valid extension to file their 2022 return, due to run out on October 16, 2023, will now have until February 15, 2024, to file. However, the IRS did note that because tax payments related to these 2022 returns were due on April 18, 2023, those payments are not eligible for this relief.
• The extended deadline also applies to the quarterly estimated tax payments typically due on September 15, 2023, and January 17, 2023, and to the quarterly payroll and excise tax returns due on October 31, 2023, and January 31, 2024.
• The IRS automatically identifies taxpayers in the covered disaster area and applies for filing and payment relief. Affected taxpayers who live or have a business outside the covered disaster area should call the IRS disaster hotline at (866) 562-5227 to request relief.

Keep in mind as you look toward filing your 2023 tax return that taxpayers in a federally declared disaster area may claim disaster-related casualty losses on their federal income tax return for either the year in which the event occurred or the prior year.

If you have questions, please give me a call. I’m here to help you leverage all of the resources available to you on this side of Hurricane Idalia.

Marc Aarons may be reached at 714-887-8000 or marc@ocmoneymanagers.com

www.ocmoneymanagers.com

This communication is from Money Managers, Inc.; a Securities and Exchange Commission registered investment advisor.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities, and past performance is not indicative of future results.  Investments involve risk and are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed here.