The Internal Revenue Service (IRS) has introduced tax relief measures for individuals and businesses situated in regions of Connecticut impacted by severe storms, flooding, and the potential threat of a dam breach that commenced on January 10.
Affected taxpayers are now granted an extension until June 17, 2024, to submit various federal individual and business tax returns and fulfill tax obligations.
Individuals and businesses residing or operating in these specified regions are eligible for the provided tax relief.
The same relief provisions will extend to any additional Connecticut localities subsequently added to the declared disaster area.
An updated list of eligible localities is consistently accessible on the disaster relief page on the official IRS website, IRS.gov.
Individuals and Businesses Extended Tax Relief
Deferred Filing and Payment Obligations: The provided tax relief extends the deadlines for filing and payment of various taxes that fell between January 10, 2024, and June 17, 2024 (the postponement period).
Consequently, individuals and businesses impacted by this initiative will be granted until June 17, 2024, to submit returns and settle any tax liabilities that were initially scheduled for payment within this specified timeframe.
This implies that, as an illustration, the deadline of June 17, 2024, will now be applicable to:
- Individual income tax returns and payments typically due on April 15, 2024.
- Contributions for the tax year 2023 to Individual Retirement Accounts (IRAs) and health savings accounts for eligible taxpayers.
- Quarterly estimated income tax payments normally due on January 16 and April 15, 2024.
- Quarterly payroll and excise tax returns usually due on January 31 and April 30, 2024.
- Calendar-year partnership and S corporation returns typically due on March 15, 2024.
- Calendar-year corporation and fiduciary returns and payments usually due on April 15, 2024.
- Calendar-year tax-exempt organization returns generally due on May 15, 2024.
The IRS automatically extends filing and penalty relief to any taxpayer with an official IRS address within the designated disaster area. Such taxpayers are not required to initiate contact with the agency to avail themselves of this relief.