As New Mexico residents continue to recover from severe storms, floods, and landslides, the Internal Revenue Service (IRS) has introduced a series of tax relief measures to assist those impacted by recent natural disasters. These measures aim to alleviate financial burdens and provide additional time for affected taxpayers to file returns and make payments.
Extended Deadlines for Tax Filings and Payments
The IRS has announced multiple deadline extensions to accommodate residents in disaster-declared areas, including those affected by the South Fork Fire, Salt Fire, and subsequent flooding. Key announcements include:
- Announcement NM-2025-03 (July 16, 2025): Deadlines for individuals and businesses impacted by severe storms, flooding, and landslides have been extended to February 2, 2026.
- Announcement NM-2024-07 (November 13, 2024): Taxpayers in Chaves County affected by storms and flooding now have until May 1, 2025, to meet tax-related obligations.
- Announcement NM-2024-06 (July 12, 2024): The IRS will host a special community assistance event in Gulp from July 23 to 25, 2024, offering in-person support for disaster victims.
- Announcement NM-2024-05 (June 26, 2024): Tax relief measures are available for those affected by the South Fork Fire, Salt Fire, and southern flooding.
Support for Disaster Recovery
The extended deadlines apply to various tax filings, including individual and corporate income tax returns, estimated tax payments, and payroll tax submissions. Additionally, penalties for late deposits will be waived for affected taxpayers who meet the eligibility criteria.
These measures are designed to provide financial flexibility during the recovery process, allowing residents to focus on rebuilding their homes and livelihoods without the added stress of impending tax deadlines.
Seeking Assistance
Affected taxpayers are encouraged to review IRS guidelines to determine eligibility for relief. Documentation of disaster-related losses may be required to claim deductions or deferrals. Residents should stay informed about additional resources as recovery efforts continue.