Tax Alert: Affected Taxpayers in Florida now have until May 1, 2025, to File Tax Returns

On October 11, 2024, the IRS announced tax relief for areas in Florida affected by recent natural disasters. The IRS extended tax relief to six counties, that did not initially qualify under Hurricane Debby or Hurricane Helene, beginning October 5, 2024, and concluding on May 1, 2025.¹ The counties are Broward, Indian River, Martin, Miami-Dade, Palm Beach and St. Lucie.²

Twenty previous counties that received relief under Debby, but not Helene, will receive disaster tax relief under Hurricane Milton, from August 1, 2024, through May 1, 2025.³ These counties are Baker, Brevard, Clay, DeSoto, Duval, Flagler, Glades, Hardee, Hendry, Highlands, Lake, Nassau, Okeechobee, Orange, Osceola, Polk, Putnam, Seminole, St. Johns, and Volusia.⁴

As a result, affected taxpayers in the entire state of Florida have until May 1, 2025, to file various federal individual and business tax returns, and make payments that were due beginning October 5, 2024. The new deadline applies to:

• 2024 individual and business tax returns normally due during March or April 2025.
• Any individual, C-corporation, or tax-exempt organization with a valid extension to file their calendar-year 2023 federal return. However, payments on these returns due on April 15, 2024, are not eligible.
• 2024 quarterly estimated tax payments normally due on January 15, 2025.
• 2025 estimated tax payments normally due on April 15, 2025.
• Quarterly payroll and excise tax returns normally due on October 31, 2024, January 31, 2025, and April 30, 2025.⁵

Additional Relief:

• Localities affected by Hurricane Milton will have penalties for failing to make payroll and excise tax deposits due on or after October 5, 2024, and before October 21, 2024, abated, if the required deposits were made by October 21, 2024. The eligible localities are Alachua, Baker, Bradford, Brevard, Broward, Charlotte, Citrus, Clay, Collier, Columbia, DeSoto, Dixie, Duval, Flagler, Gilchrist, Glades, Hamilton, Hardee, Hendry, Hernando, Highlands, Hillsborough, Indian River, Lafayette, Lake, Lee, Levy, Madison, Manatee, Marion, Martin, Miami-Dade, Monroe, Nassau, Okeechobee, Orange, Osceola, Palm Beach, Pasco, Pinellas, Polk, Putman, Sarasota, Seminole, St. Johns, St. Lucie, Sumter, Suwannee, Taylor, Union and Volusia counties.
• Disaster-related loss deductions are available for affected taxpayers, who may claim the loss in the year of the disaster (2024) or the prior year (2023).
• Taxpayers have up to six months after the due date of the taxpayer’s federal income tax return for the disaster year to make the disaster-related loss election. For individual taxpayers, this means October 15, 2025.
• Affected taxpayers can exclude from their gross income amounts received from a government agency for reasonable and necessary personal, family, living, or funeral expenses, as well as for repair or rehabilitation of their home, or the repair or replacement of its contents.
• Affected taxpayers with retirement plans or individual retirement arrangements (IRAs) may be eligible to take a special disaster distribution that would not be subject to the additional 10% early distribution tax.⁶

Special Note:

Affected taxpayers who receive late filing or payment penalty notices should call the number on their notice to have it abated. The IRS automatically identifies taxpayers located in the covered disaster area and waives the late filing and late payment penalties. Taxpayers outside the specifically covered areas may request relief by contacting the IRS at 866-562-5227.⁷

If you have any questions or concerns about your late filed tax forms then please reach out to our team at (410) 497-5947 or schedule a confidential consultation.