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February 2025
February 2025 Client Profile
Mark owns an architectural firm in a North Carolina region that Hurricane Helene flooded badly, and will not be able to deal with company or individual federal taxes for some time. Will he still owe a penalty?
The IRS announced that Hurricane Helene victims in all of North Carolina have until May 1, 2025 to file various federal individual and business tax returns and make tax payments.
The May 1, 2025, deadline also applies to any payments due during this period, including quarterly estimated taxes due on January 15 and April 15, 2025 and quarterly payroll and excise tax returns normally due on October 31, 2024, January 31, 2025 and April 30, 2025.
The IRS automatically identifies taxpayers located in the disaster area and applies filing and payment relief. But if you live or have a business located outside the covered disaster area call the IRS disaster hotline at 866-562-5227 to request relief.
Client Profile is based on a hypothetical situation. The solutions discussed may or may not be appropriate for you.
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