IRS Extends Tax Deadlines for Hurricane Helene Victims; AICPA Advocates for Additional Relief

The Internal Revenue Service (IRS) has announced tax relief for individuals and businesses impacted by Hurricane Helene, extending filing and payment deadlines for those in the affected areas. The American Institute of CPAs (AICPA), which had advocated for such relief, is also urging the Financial Crimes Enforcement Network (FinCEN) to provide similar extensions for filings related to beneficial ownership information (BOI) and reports of foreign bank and financial accounts (FBAR).

The IRS relief applies to taxpayers in all or parts of seven states struck by Hurricane Helene, including Alabama, Georgia, North Carolina, South Carolina, Florida, Tennessee, and Virginia. These areas suffered significant damage from the Category 4 hurricane, which made landfall on September 26th.

The IRS has extended various federal tax deadlines to May 1, 2025, for those affected by the hurricane. This relief encompasses:

• Individual and business tax returns typically due in March and April 2025.
• Individual and corporate tax returns with valid extensions.
• Quarterly estimated tax payments.

The AICPA, in a letter to the IRS, had urged immediate relief, citing the challenges faced by taxpayers in meeting deadlines amidst power outages, flooding, and other storm-related disruptions. The AICPA is also advocating for the IRS to automatically provide relief for all federally declared disasters, eliminating the need for case-by-case requests.

In addition to IRS relief, the AICPA is requesting that FinCEN extend filing deadlines for BOI and FBAR reports to align with the IRS extensions. The organization argues that consistent relief measures across agencies would simplify compliance for taxpayers during challenging times.

Key Takeaways:

• The IRS has extended tax deadlines to May 1, 2025, for individuals and businesses in areas affected by Hurricane Helene.
• The AICPA is advocating for broader relief measures, including automatic relief for all federally declared disasters and extensions for BOI and FBAR filings.
• The IRS is also providing assistance to FEMA by assigning customer service representatives and deploying criminal investigation agents to assist with relief efforts.

The IRS and AICPA’s actions highlight the importance of providing timely and effective relief to taxpayers affected by natural disasters. These measures aim to reduce the administrative burden on individuals and businesses struggling to recover from the storm’s impact, allowing them to focus on rebuilding their lives and communities.