Hurricane Helene Relief & Updates

Dear valued clients and friends,

We hope this message finds you safe. Our thoughts are with all of you, your families and the broader community as we navigate the challenges brought by Hurricane Helene. We remain open and committed to helping our clients during this unique time.

The Carter team is safe and accounted for; however, many in the region are not. Utilities and resources are still lacking and will be for some time.  Our Asheville and Greenville SC locations are semi-closed while utilities resume, and our staff are at varying levels of connectivity, however, we are working to continue delivering to our clients as best we can.

We have compiled the information below to keep you informed and will continue to stay abreast of any updates as they become available.

Disaster Assistance

While disaster assistance is not our primary expertise, we want to assure you that we are here to help in any way we can.

If you have any questions or would like guidance on how to access these resources, please don’t hesitate to reach out. We’re committed to supporting you through this difficult time.

Individual Assistance

For individuals and families seeking assistance, disasterassistance.gov is a valuable resource. This website is designed to help individuals and families affected by disasters access the assistance they need.

Key features include:

1. Eligibility Information: You can find out if you qualify for various disaster assistance programs.
2. Application Process: The site provides guidance on how to apply for assistance, including step-by-step instructions.
3. Resources for Recovery: You’ll find links to additional resources, including housing assistance, financial aid, and mental health support.

Business Assistance

For businesses seeking assistance, both the Small Business Administration (SBA) and FEMA provide valuable resources. The SBA offers low-interest loans to support recovery efforts, while FEMA provides aid for physical and economic damages.

The Small Business Administration (SBA) provides critical resources to help businesses recover from disasters.

• Disaster Loans: Low-interest loans are available for physical damage and economic injury. These loans help cover repairs, replacement of equipment, and operating expenses.
• Economic Injury Disaster Loans (EIDL): Specifically designed for businesses experiencing temporary revenue loss, these loans assist in maintaining cash flow during recovery.

SBA Assistance Link: https://www.sba.gov/funding-programs/disaster-assistance

FEMA offers vital resources to assist businesses in recovering from disasters.

•  Public Assistance Program: Provides funding for state and local governments and certain private non-profits to repair and replace public infrastructure, indirectly benefiting local businesses.

FEMA Assistance Link: https://www.fema.gov/assistance/public

Tax Assistance

As a general rule, we are targeting to complete and deliver all tax returns currently in process by November 15, 2024.  In cases where this will not apply, you will be contacted directly to discuss.

Federal Tax Filings

The Internal Revenue Service has announced tax relief for individuals and businesses for the entire states of North Carolina, South Carolina, Alabama, and Georgia, and certain areas of Florida, Tennessee and Virginia that were affected by Hurricane Helene.  These taxpayers now have until May 1, 2025, to file various federal individual and business tax returns and make tax payments that were due post September 25, 2024.

The relief for Hurricane Helene is separate to the relief provided for areas that were previously affected by Hurricane Debby (granted earlier relief to February 3, 2025). Areas that are provided relief for both Hurricanes will default to the Helene provisions.

The May 1, 2025 deadline applies to:

• 2023 business income tax returns previously extended to 10/15/24
• 2023 individual income tax returns and gift returns previously extended to 10/15/24
• 2023 fiduciary/trust returns previously extended to 9/30/24
• 2023 nonprofit returns previously extended to 11/15/24
• 2024 individual, business, fiduciary, gift, and nonprofit returns (filing on a calendar year)
• 2024 quarterly estimated income tax payments normally due on 1/15/25
• 2025 quarterly estimated income tax payments normally due on 4/15/25

State Tax Filings

North Carolina, Georgia, and Virginia have provided filing extensions similar to the IRS; however, we anticipate that most if not all the affected states will follow suit on the relief extensions.

5500 Tax Filings

Form DOL 5500 series returns that were required to be filed on or after Sept. 26, 2024, and before May 1, 2025, are also postponed through May 1, 2025.

Audit Assistance

The Local Government Commission (LGC) is not providing extended deadlines, however, it is offering flexibility to the local governments impacted by the storm.

While we continue to work on all current audit engagements including clients affected by Hurricane Helene, it is possible that some audited financial statements may not be issued by October 31, 2024. We appreciate everyone working together during these challenging times.

The LGC asks that local governments and public authorities impacted by the storm contact their Coach Team at [email protected] or call 984-220-0342 to discuss concerns including audit reports, AFIRs, LGC-203s, debt applications, debt notices, etc.