Massachusetts And Maine Receive Hurricane Related Tax Relief

Sullivan & Worcester

The Internal Revenue Service delivered an unexpected surprise to taxpayers in Massachusetts and Maine this week by postponing to February 15, 2024 the deadline for various individual and business tax returns and tax payments that are otherwise due on or after September 15, 2023 and before February 15, 2024. The broad relief generally applies to individuals who live, and businesses (including tax-exempt organizations) whose principal place of business is located, in Massachusetts or Maine and includes various returns otherwise due on October 16, 2023, including Form 5500. Both the federal Department of Labor and the Pension Benefit Guaranty Corporation have publicly stated that Internal Revenue Service relief will apply with respect to their respective portions of the Form 5500.

The devil is of course in the details (note the caveat about certain information returns, for example) and you are urged to review the announcements carefully. Absent explicit relief from the Massachusetts Department of Revenue or Maine Revenue Services, one should also not assume that similar relief is available with respect to state tax filings and payments.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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