By Vincent Gabrielle, New Haven Register, Conn. (TNS)
The IRS announced Monday that tax relief for individuals and businesses in flood-stricken parts of Connecticut would be made available. Those affected by the recent storms, flooding or the Fitchville dam failure are eligible.
IRS officials announced the agency would extend its April 15 filing deadline for those taxpayers, who now have until June 17, 2024 to submit tax returns and make tax payments.
Any disaster area currently designated by the Federal Emergency Management Agency was eligible for relief, IRS officials added. The IRS would also grant other areas in Connecticut relief, if they are later added to the federally recognizied disaster area.
Currently the disaster area includes New London County, and the Mohegan Tribe and Mashantucket Pequot Nation.
Individuals and businesses in the federal disaster area who suffered uninsured or unreimbursed losses related to the flooding can also choose to claim them on this year’s or next year’s tax return. The IRS asks that all making such claims include the FEMA disaster declaration number 3604-EM on any return claiming disaster-related losses.
Disaster relief payments from government agencies are, in general, excluded from gross annual income. Should a government agency help pay for personal, family, funeral, living or repair expenses due to a disaster, that payment can be excluded from taxable income.
Filing deadlines have also been extended for individual income tax returns and payments; 2023 contributions to IRAs and health savings accounts; quarterly estimated income tax payments due on Jan. 15 and April 15; quarterly payroll and excise tax returns due on Jan. 31 and April 30; corporation and fiduciary returns and payments due on April 15; and tax-exempt organization returns due on May 15, among others.
Further information is available here.
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(c)2024 the New Haven Register (New Haven, Conn.). Visit the New Haven Register (New Haven, Conn.) at www.nhregister.com. Distributed by Tribune Content Agency LLC.
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Tags: Income Tax, IRS, Taxes
