Affected individuals and businesses gain extra time to file and pay due to severe storms.

The IRS has extended tax deadlines for individuals and businesses in six West Virginia counties affected by severe storms, providing them until Nov. 3, 2025, to file and pay federal taxes.

Key Focus: Tax Relief and Extended Deadlines

1. Disaster Relief: The IRS offers relief to storm-affected areas.
2. Extended Deadlines: Taxpayers have until Nov. 3, 2025, to file and pay.
3. Affected Counties: Six West Virginia counties initially qualify.

Who Qualifies for Relief?

Taxpayers in FEMA-designated disaster areas are eligible for the extended deadlines.

Eligibility Details:

1. FEMA Designation: Relief applies to areas designated by FEMA.
2. Current Counties: Logan, McDowell, Mercer, Mingo, Wayne, and Wyoming.
3. Potential Expansion: Additional counties may be added.
4. IRS Resources: The updated list is available on the IRS website.

New Tax Deadlines

The IRS has postponed various tax deadlines to Nov. 3, 2025.

Postponed Deadlines:

1. Individual Income Tax Returns: 2024 returns.
2. IRA and HSA Contributions: For 2024.
3. Estimated Tax Payments: Quarterly payments.
4. Payroll and Excise Tax Returns: Quarterly returns.
5. Partnership and S Corporation Returns.
6. Corporation and Fiduciary Returns.
7. Tax-Exempt Organization Returns.
8. Payroll and Excise Tax Deposits: Penalties will be waived if they are made by March 3, 2025.

Automatic IRS Relief – No Need to Apply

Most affected taxpayers receive automatic relief from the IRS.

Automatic Relief Details:

1. IRS Address of Record: Automatic relief for taxpayers with addresses in the disaster area.
2. No Application Required: Taxpayers do not need to contact the IRS.
3. Address Updates: Taxpayers who have moved should contact the IRS Disaster Hotline.

Relief for Taxpayers Outside the Disaster Zone

Some taxpayers outside the disaster zone may also qualify for relief.

Eligibility Extension:

1. Record Location: Taxpayers relying on records in affected counties.
2. Relief Workers: Workers assisting in relief efforts.
3. IRS Contact: Contact the IRS Disaster Hotline to request relief.

Claiming Disaster-Related Losses on Tax Returns

Taxpayers can claim uninsured losses on their 2024 or 2025 tax returns.

Loss Claims:

1. Claiming Options: 2024 or 2025 tax returns.
2. Filing Deadline: Oct. 15, 2026.
3. FEMA Declaration: Include FEMA Declaration Number 4861-DR.
4. IRS Publication: Refer to IRS Publication 547.

Tax Benefits for Disaster Victims

Certain disaster relief payments are excluded from taxable income.

Tax-Free Payments:

1. Eligible Expenses: Necessary living expenses, home repairs, etc.
2. IRS Publication: Refer to IRS Publication 525.

Retirement Plan Relief

Impacted taxpayers may access retirement funds with special provisions.

Retirement Benefits:

1. Early Withdrawal Penalty: No 10% penalty.
2. Income Spreading: Option to spread income over three years.
3. Hardship Withdrawals: Eligibility for hardship withdrawals.
4. Plan Rules: Check with plan administrator.

Future IRS Relief Possible

The IRS may provide additional relief as damage assessments continue.

Additional Information:

1. Damage Assessments: Ongoing assessments may lead to further relief.
2. Penalty Abatement: Taxpayers may request penalty abatement.
3. Disaster Resources: DisasterAssistance.gov and IRS Disaster Assistance Page.

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