Georgia Department of Revenue Extends Tax Relief to Hurricane Helene Victims

What happened?

On October 1, 2024, the tax relief extension for victims of Hurricane Helene was announced by the Georgia Department of Revenue.

Quick Summary:

• The Georgia Department of Revenue (DOR) decided to adhere to the IRS extension on October 3, 2024. This decision aligns with the IRS’s announcement on October 1, 2024, to provide tax relief to individuals and businesses affected by Hurricane Helene.

• This extension provides additional time for affected taxpayers to file and pay their taxes, with the new deadline set for May 1, 2025.

What are the details?

The Georgia DOR decided to adhere to the IRS extension on October 3, 2024. This decision aligns with the IRS’s announcement on October 1, 2024, to provide tax relief to individuals and businesses affected by Hurricane Helene.

• Extended Deadlines: Tax deadlines for individuals and businesses affected by Hurricane Helene are extended to May 1, 2025.

• Scope of Extension: Applies to various returns and payments including:
  • 2024 income tax returns due in March or April 2025
  • quarterly estimated income tax payments due on January 15 and April 15, 2025, and
  • quarterly payroll tax returns due on October 31, 2024, January 31, 2025, and April 30, 2025.

• Exclusions: This does not apply to:
  • W-2 and 1099 series information returns
  • Forms 1042-S, or employment and excise tax deposits
  • Penalties on deposits due between September 24 and October 9, 2024, will be abated if made by October 9, 2024.

• Sales and Excise Tax Relief: Limited relief for sales, use, and excise taxes, with returns and payments due in October 2024 now due on November 20, 2024.

• Affected Areas: Relief applies to businesses in counties under FEMA’s Disaster Declaration and those whose records are in the covered areas.

• Additional Relief: Taxpayers affected by Hurricane Debby also receive an extension to May 1, 2025, for certain returns and payments.

• Instructions for Filing: Affected taxpayers should write “Hurricane Helene” on paper returns. Relief also applies to recognized relief workers.

• Contact Information: Taxpayers needing assistance or facing penalties should contact DOR Headquarters at 1-877-423-6711.

Business Considerations

• Employers should communicate with employees and inform their employees about the extended deadlines and any changes in payroll schedules. Ensure they understand how these changes might affect their tax filings and encourage them to seek personal tax advice if needed.
• Employers should update payroll systems to reflect the new deadlines for quarterly payroll tax returns. This will help avoid any penalties and ensure compliance with the new timelines.
• Employers should leverage the extension for financial planning: reassess the financial strategies and cash flow management because this extra time can help better allocate resources for recovery and future planning.
• Employers should consider supporting affected employees by offering flexible work arrangements, additional leave, or financial assistance programs to help them through this challenging time.

Source References

• GA DOR Extends Tax Relief to Victims of Hurricane Helene
• IRS Tax Relief Announcement

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