IRS Releases New Tax Relief for People in Two States

For people and companies in areas of Kentucky and West Virginia impacted by severe storms, straight-line winds, tornadoes, landslides, and mudslides that started on April 2, 2024, the Internal Revenue Service (IRS) has offered tax relief.

The deadline for filing various individual and corporate tax returns and making tax payments is November 1, 2024, for taxpayers in the areas designated as federal disasters. This includes different corporate filings that are typically due on March 15 and April 15, as well as individual income tax forms for 2023 that were originally due on April 15.

The Nov. 1, 2024, deadline will now apply to:

Individual income tax returns and payments normally due on April 15, 2024.
2023 contributions to IRAs and health savings accounts for eligible taxpayers.
Quarterly estimated income tax payments normally due on April 15, June 17 and Sept. 16, 2024.
Quarterly payroll and excise tax returns normally due on April 30, July 31 and Oct. 31, 2024.
Calendar-year corporation and fiduciary returns and payments normally due on April 15, 2024.
Calendar-year tax-exempt organization returns normally due on May 15, 2024.

Who are affected taxpayers?

those filing jointly with their spouse whose primary residence is situated in a protected disaster region.
companies or individual owners whose main place of operation is situated in a designated disaster region.
Employees of charitable or governmental relief groups providing assistance in a designated disaster area.
Taxpayers who do not reside in a disaster region but whose records are kept in or are located in a covered disaster area and are required to be completed by a deadline.
Anyone who happened to be in a covered disaster region and was killed or injured as a result of the disaster, or anybody else the IRS determines to be impacted by a disaster that has been officially proclaimed by the federal government.

According to Reuters, people and companies in a region that has been designated as a federal disaster area who have incurred uninsured or unreimbursed losses due to a disaster may elect to include these claims on their tax returns for the year that the loss happened or the year before (2022).

Which areas are affected?

According to the IRS, West Virginians who live or operate a business in any of the following counties: Boone, Brooke, Cabell, Fayette, Hancock, Kanawha, Lincoln, Marshall, Nicholas, Ohio, Preston, Putnam, Tyler, Wayne, and Wetzel are currently eligible for tax relief.

According to the Federal Emergency Management Agency (FEMA), the following Kentucky counties are currently eligible for tax relief: Boyd, Carter, Fayette, Greenup, Henry, Jefferson, Jessamine, Mason, Oldham, Union, and Whitley.

According to the IRS, any additional counties added to the disaster zones in the future will be eligible for the same benefit.

It is advised for those impacted to stay informed about any updates, as more disaster assistance initiatives can be revealed. Taxpayers can visit the IRS website’s disaster relief page for more comprehensive information.

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