On May 28^th, 2024, the IRS announced tax relief for individuals and businesses in certain Texas counties that have been affected by the recent severe storms, straight-line winds, tornadoes, and flooding that began on April 26, 2024. The relief allows the IRS to delay specific tax filings and tax payment deadlines for taxpayers who reside in the federally declared disaster areas which include: Bell, Calhoun, Collin, Cooke, Denton, Eastland, Guadalupe, Hardin, Harris, Henderson, Jasper, Jones, Lamar, Liberty, Montague, Montgomery, Polk, San Jacinto, Trinity, Tyler, Walker and Waller counties. Please note that Fort Bend was not included in this list. 

As a result, various tax filing and payment deadlines that fall on or after April 26^th, and before November 1^st, 2024, have until November 1^st to file returns and make tax payments that were due during this period. This includes quarterly estimated tax payments that would normally be due June 17^th and September 16, 2024. Quarterly payroll and excise tax returns normally due on April 30, 2024, July 31, 2024; and Oct. 31, 2024, are also extended to November 1, 2024. 

Postponement of time to file and pay does not apply to information returns in the W-2, 1094, 1095, 1097, 1098 or 1099 series; to Forms 1042-S, 3921, 3922 or 8027; or to employment and excise tax deposits. Penalties on payroll and excise tax deposits due on or after April 26, 2024, and before May 13, 2024, will be abated as long as the tax deposits were made by May 13, 2024.” (IRS TX-2024-13)

Additionally, under section 7508A, the IRS gives affected taxpayers until Nov. 1, 2024, to file most tax returns (including individual, corporate, and estate and trust income tax returns; partnership returns, S corporation returns, and trust returns; estate, gift, and generation-skipping transfer tax returns; annual information returns of tax-exempt organizations; and employment and certain excise tax returns), that have either an original or extended due date occurring on or after April 26, 2024, and before Nov. 1, 2024, are granted additional time to file through Nov. 1, 2024.

If a taxpayer receives a late filing or payment penalty notice from the IRS that falls within the postponement period, the individual should call the provided telephone number to have the late penalty abated. 

Claiming Casualty Losses



Taxpayers that suffered personal property losses in the eligible counties, that were not covered by insurance or other settlements, may qualify to deduct the losses on the tax year in which the event occurred or the year prior. Taxpayers have up to six months after the due date of the taxpayer’s federal income tax return for the disaster year (without regard to any extension of time to file) – to make the election.

Contact us today if you have any questions regarding the penalty relief information or any other tax related situation. We are happy to help!