On September 13, 2024, the Internal Revenue Service (IRS) announced that taxpayers in Louisiana will have until February 3, 2025 to file various federal individual and business tax returns and make certain payments due to Hurricane Francine. The extension applies to any individual, business, or tax-exempt organization that has a valid extension to file their 2023 federal return. However, because payments for 2023 federal returns were due before the storm occurred, the extension does not apply to any such payments.
The extension also applies to quarterly estimated income tax payments normally due on September 16, 2024 and January 15, 2025, as well as quarterly payroll and excise tax returns normally due on October 31, 2024 and January 31, 2025. Penalties for failing to make payroll and excise deposits due on or after September 10, 2024, and before September 25, 2024, will also be abated as long as the deposits are made by September 25, 2024.
Any taxpayer with an address of record with the IRS within Louisiana will automatically receive filing and payment relief without having to take any additional steps. However, if a taxpayer moved or relocated to Louisiana since filing his or her last return, the taxpayer will have to notify the IRS of the new address. Finally, the IRS will work with any taxpayer who lives outside of Louisiana but whose records necessary to meet a deadline during the postponement period are located in Louisiana.
It is anticipated that the Louisiana Department of Revenue will soon announce similar relief.
For further questions regarding the update, please contact Liskow attorneys Leon Rittenberg III, Caroline Lafourcade or Kevin Naccari, Jr. and visit our Tax practice page.
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