Tax relief available for Tennessee tornado victims

Residents and business owners in several Tennessee counties now qualify for tax relief from the IRS because of severe storms and tornadoes that struck on December 9.

Based on federal disaster area declarations by FEMA, the counties of Davidson, Dickson, Montgomery, and Sumner qualify for the IRS exemption. It provides individuals who reside or own a business in those counties a later deadline of June 17, 2024, to file returns or make payments that were due sooner.

For example, individual income tax returns and payments normally due April 15, 2024, will now be due June 17. The later deadline also applies to quarterly payroll, excise tax, partnership, S corporation, and fiduciary returns that were due between December 9 and June 17.

The new IRS provisions are applied automatically to taxpayers whose IRS address is located in one of the disaster area counties, so taxpayers are not required to request the additional time.

Visit the IRS disaster relief page for detailed information on the exemptions available, or contact a KraftCPAs advisor to find out how these changes might affect you.

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