Following the devastating storms, flooding, and tornadoes that struck Michigan in August 2023, the Internal Revenue Service (IRS) swiftly enacted crucial tax relief measures for affected individuals and businesses. The IRS provided information on Michigan storm tax relief provisions, including extended filing deadlines, exceptions, and penalty abatements, to alleviate the financial burdens Michigan storm victims face.

Tax Relief for Michigan Storm Victims

The IRS has introduced crucial tax relief measures for affected individuals and businesses. This relief applies to taxpayers in Eaton, Ingham, Ionia, Kent, Livingston, Macomb, Monroe, Oakland, and Wayne counties.

Extended Filing Deadline

Taxpayers in the designated Michigan counties now have until June 17, 2024, to file various federal tax returns and make tax payments that were originally due during the relief period. This extension encompasses all returns normally due on or after August 24, 2023, and before June 17, 2024, including:

  • 2022 individual income and business tax returns.
  • 2022 returns with an extension to file through October 16, 2023.
  • 2023 individual and business returns.

Exceptions to Relief

It’s important to note that tax payments related to 2022 returns due last spring are not eligible for relief. However, the extended deadline of June 17, 2024, also applies to various other tax obligations, including:

  • Quarterly estimated tax payments are due on September 15, 2023, January 16, 2024, and April 15, 2024.
  • 2023 contributions to IRAs and health savings accounts.
  • Quarterly payroll and excise tax returns are due on October 31, 2023, January 31, 2024, and April 30, 2024.

Abatement of Penalties

Furthermore, penalties on payroll and excise tax deposits due on or after August 24, 2023, and before September 8, 2023, will be abated if the deposits were made by September 8, 2023.

Ask The Nerds

At CPA Nerds, we’re here to address your inquiries, provide solutions for tax-related headaches, and optimize your tax bill for the upcoming season. Contact us and discover how we can simplify your tax process!

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