Large tree limb on power lines on residential street after tornado. Storm damage.
ComplianceTax & AccountingJuly 03, 2024

Tax relief for victims of Mississippi severe storms, straight-line winds, tornadoes, and flooding: IRA and HSA deadlines postponed

Due to the destruction caused by severe storms, straight-line winds, tornadoes, and flooding that took place in parts of Mississippi beginning on April 8, 2024, the Internal Revenue Service (IRS) has announced that affected taxpayers will receive tax relief.

The tax relief postpones until November 1, 2024, certain deadlines falling on or after April 8, 2024, and before November 1, 2024. Deadlines that apply to individual retirement accounts (IRAs), Health Saving Accounts (HSAs), Coverdell Education Savings Accounts (CESAs), and other tax-advantaged accounts that fall within this time-period are extended. The IRS’s Disaster Assistance and Emergency Relief for Individuals and Businesses page has details on returns, payments, and tax-related actions qualifying for the additional time.

Please note that unless an act is specifically listed in Revenue Procedure 2018-58, the postponement of time to file and pay does not apply to information returns in the W-2, 1094, 1095, 1097, 1098, or 1099 series; to Forms 1042-S, 3921, 3922 or 8027; or to employment and excise tax deposits.

For an opportunity to learn more about IRAs and other tax-advantaged accounts including Health Savings Accounts and Coverdell Education Savings Accounts, consider the Wolters Kluwer IRA Library or on-demand video training offered on a variety of topics. Go here to learn more about training opportunities available to you, or you can call us at 1-800-552-9408.

James Hrycyna Jr.
Senior Specialized Consultant
With more than 20 years of financial services industry experience, James’ has worked with individuals to meet their financial goals and currently works with financial organizations in creating, implementing, and maintaining their tax-advantaged accounts program.
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