IRA

The IRS has issued Revenue Ruling 2024-13, which contains the applicable federal rates (AFR) for July 2024. These rates are used for such purposes as calculating distributions from retirement savings arrangements that meet the requirements for substantially equal periodic payments (a 10 percent early distribution penalty tax exception), also referred to as “72(t) payments.”

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on June 17, 2024, for Florida severe storms, straight-line winds, and tornadoes, for the incident period of May 10, 2024.

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on June 17, 2024, for Tennessee severe weather and tornadoes for the incident period of May 8 – May 9, 2024.

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on June 10, 2024, for Mississippi severe storms, straight-line-winds, tornadoes, and flooding, for the incident period of April 8 – April 11, 2024.

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on June 10, 2024, for Idaho severe storms, flooding, landslides and mudslides, for the incident period of April 14 – April 15, 2024.

The IRS has announced the postponement of certain tax-related deadlines for victims of Kentucky severe storms, straight-line winds, tornadoes, landslides, and mudslides. The tax relief postpones various tax filing deadlines that began on April 2, 2024. Affected individuals and households who reside or have a business in Boyd, Carter, Fayette, Greenup, Henry, Jefferson, Jessamine, Mason, Oldham, Union, and Whitley counties, as well as taxpayers with records located in the covered area that are needed to meet covered deadlines, qualify for relief.

The IRS has announced the postponement of certain tax-related deadlines for victims of West Virginia severe storms, straight-line winds, tornadoes, flooding, landslides, and mudslides. The tax relief postpones various tax filing deadlines that began on April 2, 2024. Affected individuals and households who reside or have a business in Boone, Brooke, Cabell, Fayette, Hancock, Kanawha, Lincoln, Marshall, Nicholas, Ohio, Preston, Putnam, Tyler, Wayne and Wetzel counties, as well as taxpayers with records located in the covered area that are needed to meet covered deadlines, qualify for relief.

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on May 30, 2024, for Arkansas severe storms, straight-line winds, tornadoes, and flooding, for the incident period of May 24 – 27, 2024.

The IRS has announced the postponement of certain tax-related deadlines for victims of Texas severe storms, straight-line winds, tornadoes, and flooding.

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on May 24, 2024, for Nebraska severe winter storm and straight-line winds, for the incident period of April 6, 2024 – April 7, 2024.