The IRS has announced disaster tax relief for businesses and individuals in areas affected by Hurricane Helene. This relief includes an extension of various tax filing and payment deadlines to May 1, 2025, for impacted regions. Below, we detail the types of businesses eligible for this relief, the required tax forms, applicable locations, and the filing process.
Affected Business Types and Required Tax Forms
C Corporations
Form 1120: Corporations file this for income tax reporting.
S Corporations
Form 1120-S: Required for income tax reporting specific to S Corporations.
Partnerships
Form 1065: Partnerships use this form to report income, deductions, and credits.
Sole Proprietors and Self-Employed Individuals
Form 1040 with Schedule C: For income reporting on business activities.
Form 1040-ES: For estimated tax payments due throughout the year.
Non-Profit Organizations
Form 990: Used to report income and expenses for tax-exempt organizations.
States and Specific Areas Covered
Taxpayers located in the entire states of Alabama, Georgia, North Carolina, and South Carolina qualify for relief. For the states where relief is only partial, the following areas are covered:
Florida: 41 counties, including Bay, Brevard, Broward, Charlotte, Citrus, Clay, Collier, DeSoto, Dixie, Duval, Escambia, Flagler, Franklin, Gadsden, Gilchrist, Gulf, Hamilton, Hernando, Hillsborough, Holmes, Indian River, Jefferson, Lafayette, Lake, Lee, Leon, Levy, Liberty, Madison, Manatee, Marion, Miami-Dade, Monroe, Nassau, Okaloosa, Okeechobee, Orange, Osceola, Palm Beach, Pasco, Pinellas, Polk, Putnam, Santa Rosa, Sarasota, Seminole, St. Johns, St. Lucie, Sumter, Suwannee, Taylor, Union, Volusia, Wakulla, Walton, and Washington.
Tennessee: 8 counties, including Blount, Bradley, Hamilton, Knox, Loudon, McMinn, Monroe, and Sevier.
Virginia: 6 counties and 1 city, including Galax, Grayson, Smyth, Tazewell, Washington, and Wise.
Taxpayers in these regions now have until May 1, 2025, to file returns and pay any taxes originally due between the start of the disaster in each state and this extended deadline.
How to File Tax Forms
The IRS encourages electronic filing for most forms, which can be done through the IRS e-File system for quicker processing. Below are links for each form and filing instructions:
Form 1120 (C Corporations): Download and File Form 1120
Form 1120-S (S Corporations): Access Form 1120-S
Form 1065 (Partnerships): Download Form 1065
Form 1040, Schedule C & Form 1040-ES (Self-Employed): Schedule C | Form 1040-ES
Form 990 (Non-Profits): Download Form 990
For full details on filing and payment deadlines, visit the IRS Disaster Relief page.
Disclaimer
This article is provided for informational purposes only. DistantDuo Outsourcing does not assume any legal liability for the accuracy of the information presented here. Readers are advised to conduct their own research or consult a tax professional before relying on this information.
Need Help Filing? DistantDuo Outsourcing is Here for You!
DistantDuo Outsourcing offers expert assistance with tax filing, ensuring that businesses remain compliant with IRS deadlines and requirements. Contact us today for professional help in navigating your tax obligations!
Comments