IRS Extends Tax Deadlines for Hurricane Milton Victims

The Internal Revenue Service (IRS) has announced tax relief for individuals and businesses in Florida affected by Hurricane Milton, which began on October 5, 2024. Taxpayers in all 51 counties impacted by the storm now have until May 1, 2025, to file various federal tax returns and make payments, including those due for 2024 and extensions for 2023. This relief also includes abatement of penalties related to dyed diesel fuel usage, which are typically enforced on highways. The IRS is extending deadlines for quarterly estimated tax payments and allowing disaster-related loss deductions, potentially increasing refunds for those affected. Additionally, this relief is combined with prior extensions for taxpayers affected by Hurricanes Debby and Helene. The measures aim to alleviate the financial burden caused by the storm's widespread destruction.