Tax relief for victims of severe storms, straight-line winds, tornadoes and floods in Texas

Due to the destruction caused by severe storms, straight-line winds, tornadoes and flooding that occurred in parts of Texas beginning April 26, 2024, the Internal Revenue Service (IRS) has announced that affected taxpayers will receive tax relief.

The tax relief postpones certain deadlines that fall on or after April 26, 2024, and before November 1, 2024, to November 1, 2024. Deadlines that apply to Individual Retirement Accounts (IRAs), Health Savings Accounts (HSAs), Coverdell Education Savings Accounts (CESAs), and other tax-advantaged accounts that fall during this period are extended. The IRS Disaster relief and emergency aid for private individuals and companies The page provides details of the refunds, payments and tax-related actions that may qualify for an extension.

Please note that unless a law is specifically listed in Revenue Procedure 2018-58, the postponement of the deadline for filing and payment does not apply on information returns of series W-2, 1094, 1095, 1097, 1098 or 1099; on forms 1042-S, 3921, 3922 or 8027; or on payments for payroll and excise taxes.

If you're interested in learning more about IRAs and other tax-advantaged accounts such as Health Savings Accounts and Coverdell Education Savings Accounts, you can use the Wolters Kluwer IRA Library or take advantage of the on-demand video training courses on a variety of topics. Go here to learn more about the training opportunities available to you or call us at 1-800-552-9408.

Anna Harden

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