TSCPA is monitoring the aftermath of Hurricane Helene and is committed to providing impacted members with information and resources.
To help us determine members’ needs, please send an email to tscpa@tscpa.com and let us know if you suffered damage/loss at your home or business due to the effects of Hurricane Helene and if you have specific needs such as supplies, office space, etc.
Hurricane Helene and Tax Relief
- Governor Lee declared a State of Emergency through Executive Order 105.
- President Biden declared a State of Emergency for East Tennessee due to Hurricane Helene. President Biden's declaration triggers the Stafford Act, allowing for potential tax relief.
- IRS has announced disaster tax relief for all individuals and businesses affected by Hurricane Helene, to any area designated by the Federal Emergency Management Agency (FEMA). Besides all of Alabama, Georgia, North Carolina and South Carolina, this currently includes 41 counties in Florida, six counties and one city in Virginia and the following eight counties in Tennessee: Carter, Cocke, Greene, Hamblen, Hawkins, Johnson, Unicoi, and Washington. The deadline to file various tax returns and make tax payment has been extended until May 1, 2025.
- FinCEN has extended FBAR filings to May 1, 2025. FinCEN has also given companies in areas affected by Hurricane Helene that have filing deadlines between Sept. 22, 2024, and Dec. 21, 2024, an additional six months to submit BOI reports, including updates and corrections to prior reports.
- The Tennessee Department of Revenue has issued notice #24-09 extending the Franchise and Excise Tax to May 1, 2025 for those businesses located in a designated disaster area resulting from Hurricane Helene.
Guidance for Assisting Disaster-Affected Clients With IRS Address Changes
TSCPA has received a large number of calls from members requesting the correct process to have the IRS accounts for clients affected by the recent disasters marked as affected by the disasters and to receive the appropriate filing relief.
IRS has reassigned telephone assistors for other sources to the Disaster Hotline 866-562-5227. This has created confusion and inconsistent information to callers.
When calling the IRS to obtain relief for a single taxpayer account:
IRM 21.5.6.4.30 (05-24-2024), -O Freeze, paragraph (4) states as follows:
“If a tax professional calls for a single taxpayer account, third-party telephone contact requires IRS assistors to authenticate a tax professional’s authorized relationship to act on behalf of a taxpayer through Power of Attorney. The Centralized Authorization File (CAF) must have the POA before the relief is added to a taxpayer’s account, or the tax professional may ask the assistor if a POA may be faxed for processing. Refer to IRM 21.3.10.3, Authentication and Disclosure Guidelines, for more information.”
IRM 21.5.6.4.37 (05-01-2023), -S Freeze, paragraph (4) states the same.
Therefore, you should obtain a Power of Attorney from the taxpayer to contact the Disaster Hotline. This will facilitate their ability to mark the Individual and Business Master Files as affected by the disaster.
Hurricane Helene CPE Relief
- The Tennessee State Board of Accountancy (TSBOA) has announced that CPAs who live or work in Tennessee counties impacted by Hurricane Helene are eligible for an extension of time to complete renewal CPE requirements. These counties are Carter, Cocke, Greene, Hamblen, Hawkins, Johnson, Unicoi and Washington. Learn more >
The AICPA Benevolent Fund
AICPA members experiencing loss due to a natural disaster may qualify for short-term assistance through the AICPA Benevolent Fund. The Fund was created in 1993 to provide short-term assistance for daily living expenses to members dealing with unemployment, an accident, medical expenses, a natural disaster, or the loss of a primary source of family income.
Members have the opportunity to receive:
- Temporary monthly living expenses
- One-time emergency grants
- Temporary monthly medical, mental and prescription expense payments that exceed insurance coverage
- Medicare or other health insurance premiums
- Most medically necessary services for dependent children under 21
- Other assistance as the Board of Trustees deems appropriate
Members must apply and submit the required supporting documentation demonstrating financial need. The Fund administrators present submissions to the Board of Trustees for review on a case-by-case basis. Visit the Benevolent Fund webpage for more information and to apply.
Additionally, in cooperation with the American Red Cross and the National Endowment for Financial Education, the AICPA offers a PDF guide for preparedness and recovery regarding disasters and financial planning. Download the guide here. You may find other helpful resources at the AICPA's Casualty Loss and Disaster Relief page.
For PCPS members, a Practice Survival Kit and Sample Practice Continuation Agreement are also available.
Additional resources can be found here>