How the Accounting Community is Rallying Around Victims of Hurricane Helene

FICPA hosted a webinar on Oct. 3 that was attended by members from the Georgia Society of CPAs, North Carolina Association of CPAs, South Carolina Association of CPAs, Tennessee Society of CPAs, and the Virginia Society of CPAs on disaster recovery. The webinar was led by Jerry Schreiber, CPA, a partner at the Metairie, LA-based accounting firm Schreiber & Schreiber who is a nationally renowned disaster-relief expert, and FICPA board member Mindy Rankin.

Schreiber and Rankin walked through the relevant filing dates, addressed pertinent legislation, and answered questions from the chat throughout the session. The webinar is available on demand and can be accessed here.

FICPA will be hosting a second webinar with Schreiber on disaster tax matters at 10 a.m. ET on Oct. 23. The webinar is free to attend. More information can be found here.

FICPA said it has been in close communication with the IRS and the Florida Department of Revenue to help secure filing extensions and to seek guidance where needed. The organization has also sent a letter to the Financial Crimes Enforcement Network (FinCEN) asking for both FBAR and Beneficial Ownership Information (BOI) reporting relief. More information about FICPA’s communication efforts can be found here.

FICPA staff and members will be volunteering at two different Operation BBQ Relief events: in Pinellas Park, FL, on Oct. 18 and in Tallahassee, FL, on Oct. 18 and 19.

Georgia Society of CPAs

GSCPA is providing news and resources to its members on a disaster assistance/recovery webpage. The webpage features an infographic on the process to qualify a natural disaster for tax relief. It can be found here.

North Carolina Association of CPAs

NCACPA has created a webpage with state and federal news and resources that will be updated regularly to assist accounting professionals and their clients. The webpage can be found here.

“Right now, NCACPA is trying to amass relevant information as quickly as possible to our professional community,” NCACPA CEO Mark Soticheck II told CPA Practice Advisor last week. “A massive collaboration effort is underway with other organizations both nationally, like the AICPA, regionally, and locally with state government agencies and associations to collect, synthesize, and disseminate information as quickly as possible. While many of us struggle with wanting to pitch in and help, we’re focused on actions that will help our community now and during, what will likely be, a long-term rebuilding process.” 

South Carolina Association of CPAs

Resources and federal and state news are available on a disaster readiness and relief page on SCACPA’s website. The page also provides essential emergency tips and real-time updates. It can be found here.

Tennessee Society of CPAs

TSCPA is providing news and resources to its members on a disaster assistance/recovery webpage. There is a section dedicated to tax relief as a result of Hurricane Helene and another section that provides information about the AICPA Benevolent Fund, which provides short-term assistance for daily living expenses to AICPA members dealing with unemployment, an accident, medical expenses, a natural disaster, or the loss of a primary source of family income. The webpage can be found here.

Virginia Society of CPAs

VSCPA has created a disaster recovery resource center with the latest announcements, updates, and resources. The webpage can be found here.

Internal Revenue Service

Last week, the IRS assigned more than 500 customer service representatives from Dallas and Philadelphia to help with the Federal Emergency Management Agency’s (FEMA) disaster relief call lines. The IRS employees answered calls and took initial information to help disaster victims get federal relief. During the past decade, more than 10,000 IRS phone assistors have helped FEMA call centers, answering more than 1.6 million calls from storm survivors seeking help.

In addition, IRS Criminal Investigation division agents were sent into devastated areas to help with search and rescue efforts and other relief work. A team of 16 special agents from across the country were initially deployed last week to the Tampa area to help with search and rescue teams. Last weekend, the IRS team moved to North Carolina to assist with door-to-door search efforts. As part of this work, IRS-CI agents are also assisting FEMA with security and protection for relief teams and their equipment.

The IRS also recently announced tax relief for taxpayers impacted by Helene. The tax relief is for all individuals and businesses in the entire states of Alabama, Georgia, North Carolina, and South Carolina, and parts of Florida, Tennessee, and Virginia.

Taxpayers in these areas now have until May 1, 2025, to file various federal individual and business tax returns and make tax payments. Among other things, this includes 2024 individual and business returns normally due during March and April 2025, 2023, individual and corporate returns with valid extensions, and quarterly estimated tax payments.

The IRS is offering relief to any area designated by FEMA. Besides all of Alabama, Georgia, North Carolina, and South Carolina, this currently includes 41 counties in Florida, eight counties in Tennessee, and six counties and one city in Virginia.

Individuals and households that reside or have a business in any one of these localities qualify for tax relief. The same relief will be available to other states and localities that receive FEMA disaster declarations related to Hurricane Helene. The current list of eligible localities is always available on the Tax relief in disaster situations page on IRS.gov.

In addition, in response to disruptions resulting from Hurricane Helene, the IRS will not impose a penalty when dyed diesel fuel with a sulfur content that does not exceed 15 parts-per-million is sold for use or used on the highway throughout Alabama, Georgia, North Carolina, and South Carolina, and in several counties in Florida, Tennessee, and Virginia. More details are available in a special news release.