Updated 9/8/2023
On Wednesday, September 6, the Internal Revenue Service (IRS) announced an extension in tax filing and payment deadlines for individuals and businesses affected by the Idalia storm in South Carolina. This relief aligns with the support already provided to most of Florida and is in coordination with the Federal Emergency Management Agency (FEMA) guidelines. The IRS automatically provides filing and penalty relief to taxpayers with an IRS address of record in the disaster area. These taxpayers do not need to contact the agency to get this relief. Our understanding from this release is that all 46 counties in South Carolina are considered in the disaster area.
On Friday, September 8, the South Carolina Department of Revenue announced it also extended the filing deadline due to the effects of the storm. SCDOR’s release states: “As a result of Hurricane Idalia, the South Carolina Department of Revenue (SCDOR) has extended the filing deadline for those who requested an extension on their 2022 Individual Income Tax returns to February 15, 2024. This tax relief follows the IRS’s decision to postpone its filing deadline for South Carolina taxpayers due to the effects of the storm.”
According to the IRS release:
“The tax relief postpones various tax filing and payment deadlines that occurred from Aug. 29, 2023, through Feb. 15, 2024 (postponement period). As a result, affected individuals and businesses will have until Feb. 15, 2024, to file returns and pay any taxes that were originally due during this period.
This means, for example, that the Feb. 15, 2024, deadline will now apply to:
- Individuals who had a valid extension to file their 2022 return due to run out on Oct. 16, 2023. The IRS noted, however, that because tax payments related to these 2022 returns were due on April 18, 2023, those payments are not eligible for this relief.
- Quarterly estimated income tax payments normally due on Sept. 15, 2023, and Jan. 16, 2024.
- Quarterly payroll and excise tax returns normally due on Oct. 31, 2023, and Jan. 31, 2024.
- Calendar-year partnerships and S corporations whose 2022 extensions run out on Sept. 15, 2023.
- Calendar-year corporations whose 2022 extensions run out on Oct. 16, 2023.
- Calendar-year tax-exempt organizations whose extensions run out on Nov. 15, 2023.
In addition, penalties for the failure to make payroll and excise tax deposits due on or after Aug. 29, 2023, and before Sept. 13, 2023, will be abated as long as the deposits are made by Sept. 13, 2023.”
According to the SCDOR release:
“In addition to Individual Income Tax returns for extension filers, this relief includes:
- Business Income Tax returns originally due between August 29, 2023 and February 15, 2024. This includes corporations with an extension to file by October 16, 2023 and tax-exempt organizations with an extension to file by November 15, 2023.
- Estimated Income Tax payments originally due September 15, 2023 and January 16, 2024.
- Certain quarterly Withholding Tax returns and payments, including those originally due on October 31, 2023 and January 31, 2024.
These returns and payments are now due February 15, 2024.
Other taxes are not eligible for tax relief, including filing and paying other state taxes administered by the SCDOR. Review Information Letter 23-12 for more information.”
We will post more updates as they become available.