Important Tax Relief Updates for Non-Profits Affected by Hurricane Helene and Approaching Hurricane Milton.

We hope this message finds you safe during these challenging times as Florida continues to recover from the impact of Hurricane Helene, with Hurricane Milton now on the horizon. Our thoughts, as a Florida based firm, are with everyone affected, and we want to ensure you have the most up-to-date information on the latest tax-filing extensions and disaster relief measures for non-profits in the state.

Today's Update: Hurricane Filing Extensions

Hurricane Helene Tax Filing Extensions

In response to Hurricane Helene, which made landfall in Florida’s Big Bend area on September 26, the IRS has announced a tax-filing extension until May 1, 2025. This extension applies to non-profit filings and affects organizations in 41 counties, including Alachua, Bay, Escambia, Hillsborough, Monroe, Sarasota, and more - https://www.irs.gov/newsroom/irs-announces-tax-relief-for-victims-of-hurricane-helene-various-deadlines-postponed-to-may-1-2025   

Additionally, the Florida Department of Revenue has extended non-profit corporate income and franchise tax filings until May 16, 2025, for the same counties. They've also issued Emergency Order #24-002, which extends sales and use tax, reemployment tax, and other tax reporting deadlines for the September and October 2024 periods to November 22, 2024, in the 17 counties hardest hit by the storm. 

Important Deadlines for Counties Affected by Hurricane Debby

For those in counties affected by Hurricane Debby, no changes have been made to your current deadlines. The filing deadline remains February 3, 2025, for non-profit filings in counties such as Brevard, Polk, and Volusia.

Expecting Further Extensions for Hurricane Milton

As Hurricane Milton approaches Florida, we anticipate further extensions that will cover 51 counties (out of a total of 67). We are closely monitoring the situation and will keep you informed with any new updates from the IRS and the Florida Department of Revenue. 

FinCEN Filing Extensions

In addition to these extensions, the FICPA (Florida Institute of Certified Public Accountants) has requested further relief from the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) for non-profits and individuals required to file Reports of Foreign Bank or Financial Accounts (FBAR) or submit beneficial ownership information (BOI).

Stay Safe, and We're Here to Help

During these times, your safety and well-being are our top priority. If you need any assistance or guidance with filing extensions, compliance, or disaster recovery planning, we’re here to help.

Stay safe, and we’ll keep you posted with any further updates as they arise.

Need More Personalized Advice?

If you need help implementing these practices or have specific questions about your non-profit’s finances, we’re here to assist.

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P.S. Stay tuned next week for more valuable insights!