The IRS announcement regarding tax relief for victims of Hurricane Helene in Georgia does provide some penalty relief.
- Specifically, penalties on payroll and excise tax deposits due on or after September 24, 2024, and before October 9, 2024, will be abated as long as the tax deposits are made by October 9, 2024
- If affected taxpayers receive a late filing or late payment penalty notice for deadlines within the postponement period, they should call the IRS to have the penalty abated
- However, the relief does not appear to explicitly mention waiving the "underpayment" penalty
To possibly reduce or waive your underpayment penalty:
- Open or continue your return.
- Navigate to the underpayment penalty section:
- TurboTax Online/Mobile: Go to annualizing your tax.
- TurboTax Desktop: Select Search Topics. Search for and select annualizing your tax.
- We'll take you through the steps to possibly reduce what you owe.
