IRA

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration for the following disasters for the period indicated.

The Federal Emergency Management Agency (FEMA) issued Major Disaster Declarations on May 21, 2025, for the following.

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on May 8, 2025, for Arkansas severe storms and tornadoes, for the incident period of March 14-15, 2025.

The IRS has announced the postponement of certain tax-related deadlines for victims of severe winter storms and flooding in Virginia until November 3, 2025. The tax relief postpones various tax filing deadlines that began on February 10, 2025. Affected individuals and households who reside or have a business in Amelia, Appomattox, Bedford, Bland, and Botetourt counties; the City of Bristol; and Buchanan, Buckingham, Campbell, Carroll, Charlotte, Craig, Cumberland, Dickenson, Floyd, Franklin, Giles, Grayson, Halifax, Lee, Lunenburg, Montgomery, Nottoway, Page, Pittsylvania, Powhatan, Prince Edward, Pulaski, Rockingham, Russell, Scott, Smyth, Tazewell, Washington, Wise, and Wythe 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 April 24, 2025, for Kentucky severe storms, straight-line winds, tornadoes, flooding, landslides, and mudslides, for the incident period of April 2, 2025. 

The IRS has announced the postponement of certain tax-related deadlines for victims of Tennessee severe storms, straight-line winds, tornadoes and flooding until November 3, 2025. The tax relief postpones various tax filing deadlines that began on April 2, 2025. Affected individuals and households who reside or have a business in the entire state of Tennessee, as well as taxpayers with records located in the covered area that are needed to meet covered deadlines, qualify for relief. 

The IRS has issued Revenue Ruling 2025-10 which contains the applicable federal rates (AFR) for May 2025. 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.”

Representative Haley Stevens (D-MI) has introduced H.R. 2748, the First Time Homeowner Savings Plan Act as part of a suite of proposals aimed at addressing housing costs for families. The bill would increase the amount that a first-time homebuyer could distribute penalty free from their IRA—from $10,000 to $25,000—and index this amount for inflation. 

Representatives Adrian Smith (R-NE) and Jimmy Panetta (D-CA) have introduced the IRA Charitable Rollover Facilitation and Enhancement Act. According to a press release, the bill would allow qualified charitable distributions to be paid to a donor-advised fund. Donor advised funds allow individuals and families to designate funds for charitable giving upfront and allocate the funds to their preferred charities over a number of years.

The IRS has announced the postponement of certain tax-related deadlines for victims of Arkansas storms until November 3, 2025. The tax relief postpones various tax filing deadlines that began on April 2, 2025. Affected individuals and households who reside or have a business in the entire state of Arkansas, as well as taxpayers with records located in the covered area that are needed to meet covered deadlines, qualify for relief.