Understanding the Maine state tax extension

To our clients based in Maine, did you know that you may be eligible for a tax extension? Due to the flooding that began on January 9th, 2024, the IRS has announced tax relief for individuals and businesses in select Maine counties. Affected taxpayers in the following counties are eligible for an extension until July 15th, 2024, to file their taxes:

• Cumberland County
• Hancock County
• Knox County
• Lincoln County
• Sagadahoc County
• Waldo County
• Washington County
• York County

What Does the Extension Cover?

This extension allows affected individuals and businesses to:

• File their 2023 tax returns by July 15th, 2024, without penalties
• Pay any taxes that were originally due on the same date
• Make 2023 contributions to IRA and HSA accounts
• Postpone quarterly estimated tax payments due on January 16th, 2024, April 15th, 2024, and June 17th, 2024, to July 15th, 2024
• Postpone quarterly payroll and excise tax returns due on January 31st, 2024, and April 30th, 2024, to July 15th, 2024

Filing Information

Affected taxpayers are encouraged to file electronically. If filing by paper, you can write "MAINE FLOODING" at the top of the return. If any penalties or interest are incurred during the relief period, contact MRS at income.tax@maine.gov for abatement. Deadlines for Maine sales tax and income tax withholding remain unchanged.

For further questions about the Maine tax extension or eligibility, please contact your planner.

Disclaimer: This post is for informational purposes only and is not to be considered investment, tax, or financial advice. Cornerstone does not and cannot guarantee the accuracy or applicability of any information presented in this post regarding your individual circumstances. Please review your personal situation with your tax and/or financial advisor.