The IRS has extended until Feb. 15, 2024, various tax-filing deadlines for individuals and businesses recently impacted by Hurricane Idalia, which first made landfall on Florida’s west coast on Aug. 27, 2023.
The postponed deadline applies automatically to taxpayers with homes or businesses located in South Carolina and 49 of Florida’s 67 counties that have been declared federal disaster areas. Affected Florida counties include de Alachua, Baker, Bay, Bradford, Brevard, Calhoun, Charlotte, Citrus, Clay, Collier, Columbia, DeSoto, Dixie, Duval, Flagler, Franklin, Gadsden, Gilchrist, Gulf, Hamilton, Hardee, Hernando, Hillsborough, Jefferson, Lafayette, Lake, Lee, Leon, Levy, Liberty, Madison, Manatee, Marion, Nassau, Orange, Osceola, Pasco, Pinellas, Polk, Putnam, Sarasota, Seminole, St. Johns, Sumter, Suwannee, Taylor, Union, Volusia and Wakulla counties.
The relief also applies to:
The tax reporting and payment obligations qualifying for the Feb. 15, 2024, deadline without risk of penalty include:
Individuals in the affected disaster areas who participate in employer-sponsored retirement savings plans or individual retirement accounts may also be eligible to take a special penalty-free disaster distribution and record that amount as income over a three-year period. Retirement savers may also qualify for a hardship withdrawal, based on their plan documents and IRA rules.
Taxpayers who incurred casualty losses due to Hurricane Idalia can claim a disaster-related casualty loss on their 2022 or 2023 federal income tax returns. Please consult your tax advisors to determine which option is best suited to your unique needs and circumstances.
Qualified disaster relief payments are generally excluded from gross income. In general, this means that 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 the repair or rehabilitation of their home, or for the repair or replacement of its contents.
About the Author: Sean Deviney is a CFP®* professional, a retirement plan advisor and a director with Provenance Wealth Advisors (PWA), an Independent Registered Investment Advisor affiliated with Berkowitz Pollack Brant Advisors + CPAs and a registered representative with PWA Securities, LLC. He can be reached at the firm’s Fort Lauderdale, Fla., office at (954) 712-8888 or firstname.lastname@example.org.
Provenance Wealth Advisors (PWA), 200 E. Las Olas Blvd., 19th Floor, Ft. Lauderdale, FL 33301 (954) 712-8888.
Sean Deviney, CFP®*, is a registered representative of and offers securities through PWA Securities, LLC, Member FINRA/SIPC.
This material is being provided for information purposes only and is not a complete description, nor is it a recommendation. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. There is no guarantee that these statements, opinions or forecasts provided herein will prove to be correct.
Any opinions are those of the advisors of PWA and not necessarily those of PWA Securities, LLC. While we are familiar with the tax provisions of the issues presented herein, as Financial Advisors of PWAS, we are not qualified to render advice on tax or legal matters. You should discuss any tax or legal matters with the appropriate professional. Prior to making any investment decision, please consult with your financial advisor about your individual situation.
* Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™ and federally registered CFP (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Posted on September 27, 2023