Throughout the month of September, the IRS has issued tax relief that can extend/postpone the 45-day and 180-day deadlines applicable to ongoing Section 1031 exchanges for the below-referenced disaster areas. Each Notice provides universal tax relief that extends the deadline to file various individual and business tax returns and to make tax payments for affected taxpayers. An updated list of posted notices can be found on the IRS website. For background regarding this tax relief and additional considerations, please review the linked IRS disaster guidance.

ILLINOIS (IL-2024-01) Severe Storms, Tornadoes, Flooding:
Notice posted October 1, 2024. Relief for individuals and businesses that were affected by severe storms, tornadoes, straight-line winds, and flooding that began on July 13, 2024. Taxpayers now have until February 3, 2025, to file various federal individual and business tax returns. To learn more about the relief and specific areas affected, see the IRS website here.

ISRAEL (IR-2024-252) Terrorist Attacks:
Notice posted October 1, 2024. Relief for affected individuals and businesses, postponing a wide range of deadlines until September 30, 2025. To learn more about the relief, deadlines postponed, and specific areas affected, see the IRS website here.

FLORIDA (FL-2024-08) Hurricane Helene:
Notice posted October 1, 2024. Relief for individuals and businesses that were affected by Hurricane Helene that began on Sept. 23, 2024. Taxpayers now have until May 1, 2025, to file various federal individual and business tax returns. To learn more about the relief and specific areas affected, see the IRS website here.

TENNESSEE (TN-2024-01) Tropical Storm Helene:
Notice posted October 1, 2024. Relief for individuals and businesses that were affected by Tropical Storm Helene that began on Sept. 26, 2024. Taxpayers now have until May 1, 2025, to file various federal individual and business tax returns. To learn more about the relief and specific areas affected, see the IRS website here.

VIRGINIA (VA-2024-01) Post-tropical Cyclone Helene:
Notice posted October 1, 2024. Relief for individuals and businesses that were affected by Post-tropical Cyclone Helene that began on Sept. 25, 2024. Taxpayers now have until May 1, 2025, to file various federal individual and business tax returns. To learn more about the relief and specific areas affected, see the IRS website here.

ALABAMA (AL-2024-05) Hurricane Helene:
Notice posted October 1, 2024. Relief for individuals and businesses that were affected by Hurricane Helene that began on Sept. 22, 2024. Taxpayers now have until May 1, 2025, to file various federal individual and business tax returns. To learn more about the relief and specific areas affected, see the IRS website here.

NORTH CAROLINA (NC-2024-08) Hurricane Helene:
Notice posted October 1, 2024. Relief for individuals and businesses that were affected by Hurricane Helene that began on Sept. 25, 2024. Taxpayers now have until May 1, 2025, to file various federal individual and business tax returns. To learn more about the relief and specific areas affected, see the IRS website here.

SOUTH CAROLINA (SC-2024-08) Hurricane Helene:
Notice posted October 1, 2024. Relief for individuals and businesses that were affected by Hurricane Helene that began on Sept. 25, 2024. Taxpayers now have until May 1, 2025, to file various federal individual and business tax returns. To learn more about the relief and specific areas affected, see the IRS website here.

GEORGIA (GA-2024-08) Hurricane Helene:
Notice posted October 1, 2024. Relief for individuals and businesses that were affected by Hurricane Helene that began on Sept. 24, 2024. Taxpayers now have until May 1, 2025, to file various federal individual and business tax returns. To learn more about the relief and specific areas affected, see the IRS website here.

WASHINGTON (WA-2024-09) Wildfires:
Notice posted October 3, 2024. Relief for individuals and businesses in the Confederated Tribes and Bands of the Yakama Nation in Washington State, affected by wildfires that began on June 22, 2024. Taxpayers now have untilFebruary 3, 2025, to file various federal individual and business tax returns. To learn more about the relief and specific areas affected, see the IRS website here.

FLORIDA (FL-2024-10) Hurricane Milton:
Notice posted October 11, 2024. Relief for individuals and businesses that were affected by Hurricane Milton that began on Oct. 5, 2024. Taxpayers now have until May 1, 2025, to file various federal individual and business tax returns. To learn more about the relief and specific areas affected, see the IRS website here.

ARIZONA (IR-2024-268) Watch Fire:
Notice posted October 11, 2024. Relief for individuals and businesses of the San Carlos Apache Tribe in the state of Arizona affected by the Watch Fire that began on July 10, 2024. Taxpayers now have until February 3, 2025, to file various federal individual and business tax returns. To learn more about the relief and specific areas affected, see the IRS website here.

ALASKA (AK-2024-08) Flooding:
Notice posted October 25, 2024. Relief for individuals and businesses in Alaska that were impacted by flooding that began on Aug. 5, 2024. Taxpayers now have until May 1, 2025, to file various federal individual and business tax returns. To learn more about the relief and specific areas affected, see the IRS website here.

In addition to any applicable General Relief, affected taxpayers and impacted exchangers who started their exchange on or before the disaster date qualify for extended relief pursuant to Rev. Proc. 2018-58, Section 17.

**Eligibility for disaster extensions could vary on a case-by-case basis and the Covered Disaster Areas specified in IRS guidance are often updated over time. Exchangers and their advisors should carefully review any IRS guidance regarding disaster relief and make any determinations accordingly. When considering the impact of these disasters, it is important to determine if you or one of your clients is an affected taxpayer or otherwise eligible for tax relief, even if located far from the disaster area. If so, you should promptly contact your 1031 qualified intermediary.

If you are a current client, your tax advisor believes that you are eligible for this relief, and you have decided to apply it to your exchange, please contact our office at 877-701-1031, ext. 1, to notify us and discuss.

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