Relief Provided by IRS to Victims of Hurricane Beryl

Audio version available here (1 min. 55 sec.)

When Hurricane Beryl landed in Texas on July 8th, it caused damage across the Southeastern part of the state. Strong winds and widespread flooding contributed to much of the destruction. This directly led to millions of homes losing power, especially in the city of Houston. For more than a week after Beryl struck, hundreds of thousands of people endured temperatures in the 90s without any relief. To help those affected by these conditions, the IRS has provided a tax extension.

If you live in any of the Texas counties designated as a disaster area by FEMA, you have until February 3rd of 2025 to file and pay any taxes you owe after the hurricane struck. Several counties in the Houston area, including Harris, Brazoria, Fort Bend, Galveston, Montgomery, and Waller have been declared disaster areas. For the full list of counties, refer to the IRS source below. Any resident of these counties automatically has this deadline extension applied.

How does this extension relate to tax deadlines? Any filing or payment deadlines that occur between July 5, 2024 to February 3, 2025 have now been extended to February 3, 2025. Example deadlines that are now extended include “quarterly estimated income tax payments normally due on Sept. 16, 2024, and Jan. 15, 2025” and “quarterly payroll and excise tax returns normally due on July 31 and Oct. 31, 2024, and Jan. 31, 2025”. If you already have an extension to file your tax return on October 15th, that date is now extended further. Additionally, penalties for not making payroll and excise tax deposits due by or after July 5, 2024 and before July 22, 2024 are “abated” if the deposit was made by July 22nd.

It is important for business owners to be aware of relief offered by the IRS when your business has been affected by a disaster. To stay updated on disaster relief, follow the XQ CPA blog. We also provide updates on our social media. To understand how this relief could affect your unique tax position, give our tax professionals a call. We would love to help you.

Phone: 832-295-3353

Online: https://xqcpa-bookme.acuityscheduling.com/schedule.php

Want the latest and greatest tax tips and business news? Stay up to date with our social media!

Our blog: https://www.xqcpahouston.com/blog

Our channel: https://youtube.com/@XQCPA

Facebook: https://www.facebook.com/XQCPA/

Instagram: https://www.instagram.com/tax_xqcpa/

Twitter: https://twitter.com/xqcpa

LinkedIn: https://www.linkedin.com/company/xq-cpa/

TikTok: https://www.tiktok.com/@xq.cpa

Sources:

https://www.irs.gov/newsroom/irs-provides-relief-to-hurricane-beryl-victims-in-texas-various-deadlines-postponed-to-feb-3-2025