IRS Announces Tax Relief for Florida Hurricane Victims

In the wake of recent hurricanes, the IRS has announced critical tax relief for individuals and businesses across Florida.

If you’ve been affected by the storms, you now have additional time to meet your tax filing and payment deadlines. The IRS has postponed several key deadlines, extending them until May 1st, 2025 for all Florida residents and businesses impacted by Hurricane Milton.

At Rae’s Accounting, we understand how overwhelming the recovery process can be, and this relief offers a much-needed opportunity to focus on rebuilding without the added stress of immediate tax obligations. Here’s what you need to know about the new IRS measures.

Who Qualifies for the Extension?

The IRS relief applies to taxpayers in any part of Florida. This includes both individual taxpayers and businesses who were affected by the recent hurricanes. Specifically, the extension covers those whose primary residence or principal place of business is located in the state.  

There’s no need to file any special paperwork to qualify for this relief—if your address is in Florida, the IRS will automatically extend your deadlines. If you’re unsure whether your location qualifies or have any questions, Rae’s Accounting can help verify your eligibility.

What Deadlines Are Extended?

The May 1, 2025, filing deadline applies to:

• • Any individual or business that has a 2024 return normally due during March or April 2025.
  • Any individual, C corporation or tax-exempt organization that has a valid extension to file their calendar-year 2023 federal return. The IRS noted, however, that payments on these returns are not eligible for the extra time because they were due last spring before the hurricane occurred.
  • 2024 quarterly estimated tax payments normally due on Jan. 15, 2025, and 2025 estimated tax payments normally due on April 15, 2025.
  • Quarterly payroll and excise tax returns normally due on Oct. 31, 2024, Jan. 31, 2025, and April 30, 2025.

This broad range of relief provides taxpayers the flexibility to recover from the storm’s impact while still meeting their tax responsibilities without penalty.

How to Claim Disaster-Related Deductions

If you’ve experienced property damage or loss due to the hurricanes, you may also qualify for disaster-related tax deductions. This relief allows you to deduct casualty losses on your federal tax return, which can provide significant financial benefits.

Let Rae’s Accounting Help You Navigate IRS Relief

At Rae’s Accounting, we are here to support you during this challenging time. Whether you need assistance with disaster-related deductions, filing for extensions, or navigating the complex relief provisions, our team is ready to help. We specialize in working with clients impacted by disasters, ensuring that you take full advantage of every available tax benefit.

Don’t wait until May to begin planning—reach out to us today to get ahead of the deadlines and make sure your finances are in order. Let Rae’s Accounting handle the tax details so you can focus on rebuilding your life and business.

Contact Us

If you have questions about the latest IRS relief or need help navigating your tax situation, don’t hesitate to reach out. Rae’s Accounting is here to assist you every step of the way.