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IRS Extends Tax Relief for Hawaii Wildfire Victims


The Internal Revenue Service (IRS) has extended tax relief until August 7, 2024, for individuals and businesses impacted by the August 8, 2023, wildfires in Hawaii. This extension, previously set to end on February 15, 2024, allows affected taxpayers more time to file their 2023 returns and pay any taxes due.


Who Qualifies: Tax relief applies to Maui and Hawaii counties, the two areas designated by the Federal Emergency Management Agency (FEMA). Individuals and businesses in these localities qualify for the extension.


Postponed Deadlines: Various tax filing and payment deadlines from August 8, 2023, through August 7, 2024, are now extended. This includes income tax returns, contributions to IRAs and health savings accounts, quarterly estimated tax payments, payroll and excise tax returns, and more.


Extensions: Taxpayers with valid extensions to file their 2022 returns will also have until August 7, 2024, to file them.


How to Claim Relief: The IRS automatically provides filing and penalty relief to any taxpayer with an IRS address of record located in the disaster area. Those outside the area but affected can contact the IRS for assistance.


Additional Tax Relief: Taxpayers who suffered uninsured or unreimbursed disaster-related losses can choose to claim them on either their 2023 or 2022 returns.


Reminder about Extensions: Taxpayers needing additional time beyond August 7, 2024, for their 2023 federal income tax return can request an extension electronically by April 15, 2024.



 

Disclaimer: This article is for informational and educational purposes only and does not constitute legal tax advice. Advanced Tax Solutions is not liable or responsible for any damages resulting from or related to your use of this information. It is your responsibility to refer to official IRS documentation for information regarding any tax laws or tax information shown here.

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