Checking in after Helene

I hope everyone is doing OK during this difficult time in western NC. Please drop me a line and let me know how you are. I'm just getting back in to my office today, which now has power, internet and running water.

As your CPA, I feel it's my duty to inform you of some tax/accounting relief issues related to Hurricane Helene, even if you aren't in the mood to think about these things right now. Unfortunately, taxes never go away, and emergency issues always seem to make their way into the tax world.

The IRS (and NC generally follows) has provided some tax deadline relief. Here are the highlights and my commentary in Italics:

1. The 2023 extended tax returns normally due 10/15 (5 days from now) are now due 5/1/2025 ! All payments were due 4/15/24 and that has not changed

KBCPA: Any of my clients' returns not done by 10/15 will need to get done by 12/15.

Once 12/15 rolls around, I have to focus on 2024 returns and the upcoming tax season.

2. The 2024 tax returns that normally would be due 3/15/25 and 4/15/25, are now due 5/1/2025

   KBCPA: I see this as a 2 week prolonging of next tax season. My engagement letters will reflect this new deadline and will also likely extend by 2 weeks the internal deadline I request clients to deliver their tax records. I have to think this through a bit.

3. 4th quarter 2024 estimated payments normally due 1/15/2025, and 1st quarter 2025 estimated payments normally due 4/15/2025 will now be due 5/1/2025

   KBCPA: If you have the means to do so, I suggest to just honor the original payment due dates to avoid possible complications

4. 3rd and 4th quarter payroll returns and sales tax returns are now due 5/1/2025.

   KBCPA: Since it appears that PAYMENTS are still due by the original due date, I really don't see that point of delaying the filing of returns. I would just stick to the original due dates for all of this

Please let me know if you have any questions or concerns about any of this.