Publish Date
Feb 04, 2025
The Internal Revenue Service (IRS) has granted significant tax relief for victims of Hurricane Helene, specifically targeting residents and businesses located in FEMA-declared disaster areas within Alabama, Florida, Georgia, North Carolina, South Carolina, Tennessee and Virginia. This relief includes an extension of the 28-day Work Opportunity Tax Credit (WOTC) filing deadline, providing much-needed flexibility for businesses affected by the disaster.[1] The extension applies to businesses whose qualifying employee, company or WOTC consultant is located in a FEMA-declared disaster area. According to the U.S. Department of Labor, applications must be submitted in the state where the employer is located, ensuring that local businesses can take full advantage of this opportunity.
For Alabama, the entire state is declared, and the tax relief extends the filing deadline through May 1, 2025, for WOTC requests due on or after September 22, 2024, and before May 1, 2025. This applies to WOTC certification requests with employment start dates between August 25, 2024, and April 3, 2025. Similarly, in Florida, the relief applies to specific counties, extending the deadline for requests due on or after September 23, 2024, and before May 1, 2025, with employment start dates between August 26, 2024, and April 3, 2025. Georgia, North Carolina and South Carolina have also been granted statewide relief with similar deadlines and employment start date ranges. Tennessee and Virginia have specific counties declared, with the same extended deadlines and employment start date criteria.
Given the complexities and specific requirements of this tax relief, Alvarez & Marsal (A&M) is well-equipped to assist businesses in navigating the extended WOTC filing deadlines. Our team of experts can help ensure that all necessary documentation is accurately prepared and submitted on time, maximizing the potential benefits for your business. By partnering with A&M, companies can effectively manage their tax obligations, take full advantage of available incentives, and focus on recovery and growth in the aftermath of Hurricane Helene. Let us help you streamline the process and secure the financial relief your business needs during this challenging time.
Please contact a member of our GTI team.
[1] “IRS announces tax relief for victims of Hurricane Helene; various deadlines postponed to May 1, 2025,” Internal Revenue Service, Updated December 27, 2024, https://www.irs.gov/newsroom/irs-announces-tax-relief-for-victims-of-hurricane-helene-various-deadlines-postponed-to-may-1-2025#:~:text=1%2C%202024%2C%20and%20before%20May,originally%20due%20during%20this%20period.