West Virginia taxpayers impacted by severe storms, flooding, landslides and mudslides qualify for tax relief; various deadlines postponed to June 17

The IRS announced on February 7th that West Virginia taxpayers impacted by severe storms, flooding, landslides, and mudslides that began on August 28, 2023, qualify for tax relief. These taxpayers now have until June 17, 2024, to file various federal individual and business tax returns and make tax payments.

The IRS is offering relief to any area designated by the Federal Emergency Management Agency (FEMA). Currently, this includes Boone, Calhoun, Clay, Harrison, and Kanawha counties. Individuals and households that reside or have a business in these localities qualify for tax relief. The same relief will be available to any other West Virginia localities added later to the disaster area.

Filing and payment relief

The tax relief postpones various tax filing and payment deadlines that occurred from Aug. 28, 2023, through June 17, 2024 (postponement period). As a result, affected individuals and businesses will have until June 17, 2024, to file returns and pay any taxes that were originally due during this period.

This means the June 17, 2024, deadline will now apply to:

• Individual income tax returns and payments normally due on April 15, 2024.

• 2023 contributions to IRAs and health savings accounts for eligible taxpayers.

• Quarterly estimated income tax payments normally due on Sept. 15, 2023, Jan. 16, 2024 and April 15, 2024.

• Quarterly payroll and excise tax returns normally due on Oct. 31, 2023, Jan. 31, 2024, and April 30, 2024.

• Calendar-year partnership and S corporations that had a valid tax-year 2022 extension that ran out on Sept. 15, 2023, or have a 2023 return normally due on March 15, 2024.

• Calendar-year corporations and fiduciaries that had a valid tax-year 2022 extension that ran out on Oct. 16, 2023, or have a 2023 return and payment normally due on April 15, 2024.

• Calendar-year tax-exempt organizations that had a valid tax-year 2022 extension that ran out on Nov. 15, 2023, or have a 2023 return normally due on May 15, 2024.

In addition, individuals and businesses that had an extension to file their 2022 returns will also have until June 17, 2024, to file them. However, tax-year 2022 tax payments are not eligible for this relief because they were originally due last spring, before the disaster occurred.

In addition, penalties for failing to make payroll and excise tax deposits due on or after Aug. 28, 2023, and before Sept. 12, 2023, will be abated as long as the deposits were made by Sept. 12, 2023.