The Internal Revenue Service (“IRS”) has announced tax relief for taxpayers in all of Florida due to the combined effects of hurricanes Debby, Helene, and Milton. Taxpayers now have until May 1, 2025 to file various federal individual and business tax returns. The extended deadline applies to:
i. Any individual or business that has a 2024 return normally due during March or April 2025;
ii. Any individual, C corporation or tax-exempt organization that has a valid extension to file their calendar-year 2023 federal return. The IRS noted, however, that payments on these returns are not eligible for the extra time because they were due last spring before the hurricanes occurred;
iii. 2024 quarterly estimated tax payments normally due on Jan. 15, 2025, and 2025 estimated tax payments normally due on April 15, 2025; and
iv. Quarterly payroll and excise tax returns normally due on Oct. 31, 2024, Jan. 31, 2025, and April 30, 2025.
The relief also gives taxpayers until May 1, 2025 to pay income, estate, gift, GST, or excise taxes whose original or validly extended due date falls between October 5, 2024 and May 1, 2025. For payments of tax, the taxpayer is also eligible for relief from interest, penalties, additions to tax, or additional amounts related to the failure to pay.
Additionally, taxpayers also have until May 1, 2025 to perform other “time sensitive actions” whose original or validly extended due date falls within October 5, 2024 and May 1, 2025. Rev. Proc. 2018-58 (link) provides an extensive list of these items, which should be reviewed to see if there are any beneficial extensions available.
The relief generally applies to individuals who live, and businesses (including tax-exempt organizations) whose principal place of business are located in Florida, and taxpayers outside of Florida whose records necessary to meet a deadline are maintained in Florida are also entitled to relief.
As always, please contact us at your convenience if you would like to discuss the application of this relief to you or your business.
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This publication is for general information only. It is not legal advice, and legal counsel should be contacted before any action is taken that might be influenced by this publication.
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Gunster, Florida’s law firm for business, provides full-service legal counsel to leading organizations and individuals from its 12 offices statewide. Established in 1925, the firm has expanded, diversified and evolved, but always with a singular focus: Florida and its clients’ stake in it. A magnet for business-savvy attorneys who embrace collaboration for the greatest advantage of clients, Gunster’s growth has not been at the expense of personalized service but because of it. The firm serves clients from its offices in Boca Raton, Fort Lauderdale, Jacksonville, Miami, Naples, Orlando, Palm Beach, Stuart, Tallahassee, Tampa Bayshore, Tampa Downtown, Vero Beach, and its headquarters in West Palm Beach. With more than 300 attorneys and consultants, and over 290 committed support staff, Gunster is ranked among the National Law Journal’s list of the 500 largest law firms and has been recognized as one of the Top 100 Diverse Law Firms by Law360. More information about its practice areas, offices and insider’s view newsletters is available at www.gunster.com
