Tax Alert: Tax Relief for Victims of Tropical Storm Debby

This alert is intended primarily for residents of Vermont and certain counties in Florida.

Last week, the IRS announced postponement of certain tax filing deadlines for taxpayers affected by Hurricane Debby. This announcement impacts many states, and in particular all counties in Vermont and some in Florida.

The postponement applies to tax returns and payments due between 8/8/24 and 2/3/25. More information can be found here for Vermont and here for Florida.

This deadline extension may, or may not, be an opportunity for you. GFC will remain on schedule to file extended 2023 tax returns due 9/15 and 10/15 according to those dates and provide estimated tax payments according to the original due dates. If you would like to withhold any tax payments until 2/3/25 per the IRS deadline change, please know that the IRS does not always process these extended payments smoothly, and this may require us to incur additional fees to apply a remedy with the IRS.

Further, we do not believe the state of Vermont will be issuing a similar extension covering all taxpayers. They are considering offering extensions to taxpayers on an as-needed, as-requested basis, but have not announced their plans as of today.

As always, please reach out to your GFC team with questions.