Tax Extensions for Disaster-Hit Businesses Expiring Soon: What to Know [Video]

Businesses in disaster-stricken areas of the United States and its territories have limited time to file extended tax returns, with deadlines approaching as early as February 3.

These extensions, granted by the IRS for businesses hampered by severe weather in 2024, are lifelines for small-business owners working to recover from natural disasters.

Why It Matters

The IRS routinely extends tax deadlines for businesses and individuals in areas designated as disaster zones by the Federal Emergency Management Agency (FEMA). Extreme weather like hurricanes, tornadoes and wildfires can disrupt business operations, making it difficult for affected taxpayers to meet original deadlines. In response, the IRS offers automatic extensions for those within federally declared disaster areas. But these extensions are not indefinite, and nearing deadlines require prompt attention.