global Tax IRS & Rhode Island Announce Tax Extensions for Certain Taxpayers Impacted by Storms & Flooding April 12, 2024 Attention Rhode Island taxpayers…you may qualify for tax relief due to storms and flooding in the Ocean State. Read on to see if you are eligible for the July 15, 2024, extended tax deadline. Rhode Islanders…are you dealing with ongoing impacts of severe storms and flooding? You may qualify for a tax extension. Let’s dive in. What parts of RI are impacted? Beginning January 9, 2024, many taxpayers in Rhode Island have been impacted by severe storms and flooding. The Federal Emergency Management Agency (FEMA) issued a disaster declaration in January 2024, affecting individuals with households or businesses in Kent, Providence and Washington counties. The IRS followed up with a notice on April 4, 2024 announcing tax relief for those in the affected counties. That announcement applies to FEDERAL tax filings and payments that would normally be due between January 9, 2024 through July 15, 2024. The State of Rhode Island issued its own Advisory Notice this week, stating it was providing relief for filing and paying Rhode Island returns and payments for ALL Rhode Island residents through July 15, 2024. Do you have to apply for the tax extension? No. If you are in the covered disaster area, the IRS will automatically apply filing and payment relief. If you live or do business outside the covered disaster area and have been impacted, you can request tax relief through the IRS disaster hotline (866-562-5227). Rhode Island does not require any action to qualify for the extension on the RI filings and payments. What is the extended deadline? The April 15, 2024, tax filing and payment deadline has been pushed to July 15, 2024, for those impacted. Estimated tax payments normally due April 15th and June 15th also fall under the relief umbrella and can be paid by July 15th. (Again, only for those in the affected areas for the federal payment. For all RI residents for the Rhode Island payments) Does the tax relief apply to any other deadlines? For Federal filings and payments, the extended July 15 deadline applies to: Any estimated income tax payments originally due between January 9, 2024 and July 15, 2024Form 5500 series returns that were required to be filed on or after January 9, 2024Calendar-year partnership and S corporation returns normally due March 15, 2024Individual income tax returns and payments normally due April 15, 2024Calendar-year corporation and fiduciary returns and payments normally due April 15, 2024Calendar-year nonprofit/ tax-exempt organization returns normally due May 15, 2024 The extension to file and pay does not apply to information returns in the W-2, 1094, 1095, 1097, 1098 or 1099 series; to Forms 1042-S, 3921, 3922 or 8027; or to employment and excise tax deposits For Rhode Island filings and payments, the extended July 15 deadline applies to: Any estimated income tax payments originally due between April 15 through July 15Individual income tax returns and payments normally due April 15, 2024Calendar-year corporation and fiduciary returns and payments normally due April 15, 2024Calendar-year nonprofit/ tax-exempt organization returns normally due May 15, 2024 What if you need additional time beyond July 15? If you need more time to file and pay, you may request the extension electronically or by paper by April 15, 2024. If you miss this request deadline, you can still request an extension between 4/15 and 7/15, but it must be submitted on paper. Wondering if you qualify for relief? Need help assessing your individual situation? We can help. Reach out to us.
