Should Florida residents file an extension to get all benefits from hurricane ian

[adamsb87]

I have heard from a friend that his tax accountant says government still has not completed all it needs to get maximum tax relief from Hurricane Ian so you should file an extension and delay completing your taxes

[LindaS5247]

The tax relief is available to anyone in any area designated by the Federal Emergency Management Agency (FEMA) as qualifying for individual assistance. That only includes affected taxpayers who live or have a business in Florida, but the IRS will offer the same relief to any taxpayers in other areas designated by FEMA later.

The IRS automatically provides filing and penalty relief to any taxpayer with an IRS address of record located in the disaster area. Therefore, taxpayers do not need to contact the agency to get this relief. However, if an affected taxpayer receives a late filing or late payment penalty notice from the IRS that has an original or extended filing, payment or deposit due date falling within the postponement period, the taxpayer should call the number on the notice to have the penalty abated.
 

Florida Tax Extension Form: To request a Florida business extension, submit Form F-7004 by the original deadline of your return. Form F-7004 can be filed by paper mail or e-filed online using Florida's “File and Pay” e-Services system.

The current list of eligible localities is always available on the disaster relief page on IRS.gov.

If you  incurred damage by Hurricane Ian, you should consult a tax consultant as to how to address this.  

How can I claim a casualty and property loss on my taxes if impacted?

Individuals or businesses who suffered uninsured or unreimbursed disaster-related casualty losses can choose to claim them on either the tax return for the year the loss occurred(in this case the 2022 tax return filed in 2023) or the loss can be deducted on the tax return for the prior year. Individuals may also deduct personal property losses that are not covered by insurance or other reimbursements. 

Be sure to write the following FEMA declaration number on any return claiming a loss:  

• DR-4673-FL for Florida

The tax relief is part of a coordinated federal response to the damage caused by the harsh storms and is based on local damage assessments by FEMA. For information on disaster recovery, visit disasterassistance.gov.