Introduction
The IRS has announced tax relief for individuals and businesses in Mississippi affected by severe storms, tornadoes, and flooding that began on April 8, 2024. Deadlines for filing various federal tax returns and making tax payments have been extended to November 1, 2024.
Who Qualifies?
The relief is available to any area designated by FEMA. Currently, Hancock, Hinds, Humphreys, Madison, Neshoba, and Scott counties are eligible, with more counties potentially added later.
Relief Details
The extended deadline applies to:
Individual income tax returns and payments normally due on April 15, 2024.
Contributions to IRAs and health savings accounts for 2023.
Quarterly estimated income tax payments due on April 15, June 17, and September 16, 2024.
Quarterly payroll and excise tax returns due on April 30, July 31, and October 31, 2024.
Calendar-year corporation and fiduciary returns due on April 15, 2024.
Calendar-year tax-exempt organization returns due on May 15, 2024.
Penalties for failing to make payroll and excise tax deposits due between April 8 and April 23, 2024, will be abated if deposits were made by April 23, 2024.
Special Circumstances
Taxpayers without an IRS address of record in the disaster area should call the number on any penalty notice received to have the penalty abated. The IRS will also assist taxpayers outside the disaster area whose records are located in the affected area. Contact the IRS at 866-562-5227 for assistance.
Additional Relief
Affected taxpayers can claim uninsured or unreimbursed disaster-related losses on their 2023 or 2024 tax returns. Qualified disaster relief payments are excluded from gross income. Additional relief may be available for retirement plan and IRA participants, including special disaster distributions and hardship withdrawals.
Federal Response
This tax relief is part of a coordinated federal response to the storms, based on FEMA assessments. For more information, visit DisasterAssistance.gov.
Tax Preparation Help
Eligible individuals and families can get free tax preparation help at VITA or TCE sites. Use the VITA Locator Tool or call 800-906-9887. AARP Tax-Aide sites can be found using the AARP Site Locator Tool or by calling 888-227-7669. IRS Free File is available for those with AGI of $79,000 or less in 2023. MilTax offers free return preparation for military members and some veterans.
Conclusion
The IRS’s tax relief measures aim to support those affected by the storms in Mississippi by extending deadlines and providing various forms of relief. For more details, visit the IRS website or contact the IRS directly.
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