Bookmark and Share [ [link removed] ]

a { color:#0073AF !important;} a:hover { color:#004673 !important;} <!-- body { font-family: arial; } p { font-size: 12px; } li { font-size: 12px; } h2 { font-size: 24px; font-style: italic;} -->
IRS.gov Banner
IRS Newswire October 11. 2024

News Essentials

What's Hot [ [link removed] ]

News Releases [ [link removed] ]

IRS - The Basics [ [link removed] ]

IRS Guidance [ [link removed] ]

Media Contacts [ [link removed] ]

Facts & Figures [ [link removed] ]

Around The Nation [ [link removed] ]

e-News Subscriptions [ [link removed] ]

________________________________________________________________________

The Newsroom Topics

Multimedia Center [ [link removed] ]

Noticias en Español [ [link removed] ]

Radio PSAs [ [link removed] ]

Tax Scams [ [link removed] ]

The Tax Gap [ [link removed] ]

Fact Sheets [ [link removed] ]

IRS Tax Tips [ [link removed] ]

Armed Forces [ [link removed] ]

Latest News Home [ [link removed] ]

________________________________________________________________________

IRS Resources

Contact My Local Office [ [link removed] ]

Filing Options [ [link removed] ]

Forms & Instructions [ [link removed] ]

Frequently Asked Questions [ [link removed] ]

News [ [link removed] ]

Taxpayer Advocate [ [link removed] ]

Where to File [ [link removed] ]

IRS Social Media [ [link removed] ]

________________________________________________________________________


Issue Number:    IR-2024-266

Inside This Issue
________________________________________________________________________

*IRS help available to victims of Hurricanes Helene and Milton; May 1 deadline now applies to individuals and businesses*

WASHINGTON — In the wake of the devastating hurricanes that have ravaged Florida and the Southeast in recent weeks, the Internal Revenue Service today reassured victims that it stands ready to provide the tax-related assistance they need to recover from these storms.

IRS.gov has a variety of information to help disaster victims navigate common situations in the aftermath of disasters. The IRS also has a special hotline specifically dedicated to taxpayers with disaster-related tax questions; disaster victims can call the agency’s disaster hotline at 866-562-5227 [ tel:866-562-5227 ].

Here is a rundown on tax help available from the IRS.

*More time to file and pay*

The IRS automatically gives taxpayers whose address of record is in a disaster-area locality more time to file returns and pay taxes. Taxpayers get the extra time without having to ask for it.


* Currently, taxpayers in the entire states of Alabama [ [link removed] ], Florida [ [link removed] ], Georgia [ [link removed] ], North Carolina [ [link removed] ]_ and _South Carolina [ [link removed] ]_, and parts of _Tennessee [ [link removed] ] and Virginia [ [link removed] ]_, _who received extensions to file their 2023 returns have until May 1, 2025, to file. Tax-year 2023 tax payments are not eligible for this extension. In addition, May 1 is also the deadline for filing 2024 returns and paying any tax due.

The IRS is offering relief to any area designated by the Federal Emergency Management Agency (FEMA) [ [link removed] ]_._ The current list of eligible localities is always available on the Tax relief in disaster situations [ [link removed] ] page on IRS.gov.

This page also provides disaster updates and links to resources, and information is usually available on the IRS Twitter (now X) account [ [link removed] ] as well.

*Disaster payments usually tax-free*

Qualified disaster relief payments are generally excluded from gross income. In general, this means that affected taxpayers can exclude from their gross income amounts received from a government agency for reasonable and necessary personal, family, living or funeral expenses, as well as for the repair or rehabilitation of their home, or for the repair or replacement of its contents. See Publication 525, Taxable and Nontaxable Income, [ [link removed] ] for details.

*Retirement plan help*

Additional relief may be available to affected taxpayers who participate in a retirement plan or individual retirement arrangement (IRA). For example, a taxpayer may be eligible to take a special disaster distribution that would not be subject to the additional 10% early distribution tax and allows the taxpayer to spread the income over three years. Taxpayers may also be eligible to make a hardship withdrawal. Each plan or IRA has specific rules and guidance for their participants to follow.

*Disaster loss deduction may be available*

In some instances, individuals and businesses in a federally-declared disaster area can qualify for a casualty loss tax deduction. The deduction is available for damaged or destroyed property not covered by insurance or other reimbursement and can result in a larger refund.

A unique feature of this deduction is that taxpayers can choose to claim it 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 return filed this year). For individual taxpayers, the deadline for making this election is Oct. 15, 2025.

If deductions exceed a taxpayer’s income, it can result in a net operating loss (NOL). A taxpayer need not have a business to have a NOL from a casualty. A NOL can normally be carried forward and deducted in a future tax year. See Publication 547, Casualties, Disasters, and Thefts [ [link removed] ], [ [link removed] ] and Publication 536, Net Operating Losses (NOLs) for Individuals, Estates, and Trusts [ [link removed] ]_,_ for details.

*Free tax transcripts available*

The IRS reminds anyone whose tax records were lost or destroyed, or who needs tax records to apply for disaster assistance that they can get a free transcript of their returns from the IRS. Immediate access to these transcripts is available through the Get Transcript [ [link removed] ] link on IRS.gov. Alternatively, taxpayers can use Get Transcript to request that transcripts be mailed to them. They can also call 800-908-9946 [ tel:800-908-9946 ] to request mail delivery or submit Form 4506-T, Request for Transcript of Tax Return [ [link removed] ].

As a reminder, taxpayers must have filed all required tax returns in order to qualify for disaster loans or grants for business owners, homeowners and renters from the Small Business Administration.

*Free copy of tax return*

Disaster-area taxpayers can get a free copy of their tax return by filing Form 4506, Request for Copy of Tax Return [ [link removed] ]. The IRS waives the usual fees and expedites requests for copies of returns for people who need them to apply for disaster-related benefits or to file amended returns claiming disaster-related losses. To speed processing, be sure to notate that this is a disaster-related request and list the state and type of event.

*Address change*

After a disaster, people might need to temporarily relocate. Those who move should notify the IRS of their new address by submitting Form 8822, Change of Address [ [link removed] ].

*Disaster hotline*

Taxpayers with disaster-related tax questions can call the agency’s disaster hotline at 866-562-5227 [ tel:866-562-5227 ].

Taxpayers should also call this number if they live outside the disaster area but believe they qualify for a disaster-related extension or deadline postponement. This might be true, for example, if their records necessary to meet a deadline occurring during the postponement period are located in the affected area. This also includes workers assisting the relief activities who are affiliated with a recognized government or philanthropic organization.

*More information*

The IRS encourages affected taxpayers to review all federal disaster relief at DisasterAssistance.gov [ [link removed] ].

Here are other helpful IRS resources:


* FAQs for disaster victims [ [link removed] ]
* Publication 584, Disaster Resource Guide for Individuals and Businesses [ [link removed] ]
* Publication 584-B, Business Casualty, Disaster, and Theft Loss Workbook [ [link removed] ]
* Publication 547, Casualties, Disasters, and Thefts [ [link removed] ]

Back to Top [ #Fifteenth ]

________________________________________________________________________

FaceBook Logo [ [link removed] ]  YouTube Logo [ [link removed] ]  Instagram Logo [ [link removed] ]  Twitter Logo [ [link removed] ]  LinkedIn Logo [ [link removed] ]

________________________________________________________________________

Thank you for subscribing to the IRS Newswire, an IRS e-mail service.

If you know someone who might want to subscribe to this mailing list, please forward this message to them so they can subscribe [ [link removed] ].

This message was distributed automatically from the mailing list IRS Newswire. *Please Do Not Reply To This Message.*


________________________________________________________________________

Update your subscriptions, modify your password or email address, or stop subscriptions at any time on your Subscriber Preferences Page [ [link removed] ]. You will need your email address to log in. If you have questions or problems with the subscription service, visit subscriberhelp.govdelivery.com [ [link removed] ].

This service is provided to you at no charge by the Internal Revenue Service (IRS) [ [link removed] ].


body .abe-column-block {min-height: 5px;} ________________________________________________________________________

This email was sent to [email protected] by: Internal Revenue Service (IRS) · Internal Revenue Service · 1111 Constitution Ave. N.W. · Washington, D.C. 20535 GovDelivery logo [ [link removed] ]
body .abe-column-block { min-height: 5px; } table.gd_combo_table img {margin-left:10px; margin-right:10px;} table.gd_combo_table div.govd_image_display img, table.gd_combo_table td.gd_combo_image_cell img {margin-left:0px; margin-right:0px;}