Alerts

Hurricane Relief — IRS announced tax relief for individuals and businesses in 67 Texas counties affected by Hurricane Beryl. These taxpayers now have until Feb. 3, 2025 to file various federal individual and business tax returns and make tax payments. Additional relief may be available to affected taxpayers who participate in a retirement plan or individual retirement arrangement (IRA). For example, a taxpayer may be eligible to take a special disaster distribution that would not be subject to the additional 10% early distribution tax and allows the taxpayer to spread the income over three years. Individuals and businesses in a federally declared disaster area who suffered uninsured or unreimbursed disaster-related losses can choose to claim them on either, the return for the year, the loss occurred (in this case, the 2024 return normally filed next year), or the return for the prior year (the 2023 return filed this year). So if you are in a higher tax bracket in 2023, you may file for the casualty loss in an amended or an original 2023 return rather than 2024, the year of the loss .