Tag: #disasterresources

The IRS urges everyone to update and secure their records to prepare now for natural disasters. September is National Preparedness Month. With the height of hurricane season fast approaching and the ongoing threat of wildfires in many places, the Internal Revenue Service urges everyone to develop an emergency preparedness plan, or if they already haveRead more…

  Penalty & Interest  Is there any interest relief for taxpayers who have balances due that arise during the disaster relief period for prior year returns? No. The IRS will not abate interest on balances due on liabilities for prior years. However, the IRS will consider waiving late payment penalties when the reason for theRead more…

  Can I choose to deduct a federally declared natural disaster loss in the preceding tax year? Generally, you can elect to deduct a disaster loss in the year you sustain the loss.  This is recognized as the disaster year. The disaster year is generally the year in which the disaster occurred but may beRead more…

Reconstructing records after a disaster may be essential for tax purposes, getting federal assistance or insurance reimbursement. After a disaster, taxpayers might need certain records to prove their loss. The more accurately the loss is estimated, the more loan and grant money there may be available. For taxpayers who have lost some or all ofRead more…