Hurricane Helene Tax Guidance

In the aftermath of Hurricane Helene, please see this guidance the IRS recently released for taxpayers in impacted areas. 

This guidance applies to all businesses and individuals in Alabama, Georgia, North Carolina, and South Carolina. It also applies to areas in Florida, Tennessee, and Virginia that have been designated by FEMA (full list linked here).

• Tax relief for qualified payments, disaster-related losses: IRS released provided guidance to taxpayers on how to address disaster-related losses in their 2024 tax return, as well as providing guidance on how qualified disaster relief payments – like government assistance payments – are generally excluded from gross income.
  • Click here for a general walkthrough of these policies (under header “Additional tax relief”)
  • Click here for more information on tax treatment of disaster-related losses
  • Click here for more information on tax treatment of qualified disaster relief payments

• Extension of certain tax filing deadlines: IRS has extended various filing deadlines for taxpayers in impacted areas, including 2024 individual/business returns, certain quarterly estimated income tax payments, and certain payroll/excise taxes.
  • Click here for the full list of extensions and respective dates
  • Click here for more information from the IRS on disaster assistance

• Tax relief for qualified payments, disaster-related losses: IRS released provided guidance to taxpayers on how to address disaster-related losses in their 2024 tax return, as well as providing guidance on how qualified disaster relief payments – like government assistance payments – are generally excluded from gross income. 
  • Click here for a general walkthrough of these policies (under header “Additional tax relief”)
  • Click here for more information on tax treatment of disaster-related losses
  • Click here for more information on tax treatment of qualified disaster relief payments

• Waiver of fuel excise tax: In response to fuel disruptions resulting from the hurricane, IRS has waived the federal excise tax on dyed diesel within the impacted areas. This relief is retroactive to Sept. 26, 2024 and will remain in effect through Oct. 15, 2024. 
  • Click here for more information

 IRS Disaster Hotline at 866-562-5227.