As summer approaches, so do storms and other natural disasters. Whether it’s a hurricane, fire, flood or tornado, it’s important for people to be prepared. One way to get ready is for taxpayers to know what to do about important documents and paperwork that might be lost after a disaster.
Also, it’s good to know how to find out if the IRS is providing filing extensions or other tax relief due to the impact of a federally-declared disaster. Below are links that taxpayers can use to find IRS tax related disaster relief:
Reconstructing records after a disaster; IRS provides tips to help taxpayers
This fact sheet helps people who are facing the challenge of reconstructing their financial records after a disaster. This may be essential for properly documenting a tax-deductible loss, supporting various tax-related transactions or getting federal assistance, or insurance reimbursement.
Tax relief in disaster situations
This page features links to resources that can walk taxpayers through information that will help them after facing a disaster. This page also links to local news releases and frequently asked questions.
Around the nation
This page highlights news specific to local areas. This includes disaster relief and tax provisions that affect certain states.
FAQs for disaster victims
From this page, users can link out to several different pages with FAQs, each about a specific topic to help people after a disaster.
Publication 2194, Disaster Resource Guide for Individuals and Businesses
This resource guide provides information to individuals and businesses affected by a federally-declared disaster. It also covers the assistance available to disaster victims. This guide can also help taxpayers claim unreimbursed casualty losses on property that was damaged or destroyed.
Publication 584, Casualty, Disaster, and Theft Loss Workbook
This workbook is designed to help individual taxpayers figure their loss on personal-use property in the event of a disaster, casualty or theft.
Publication 584-B, Business Casualty, Disaster, and Theft Loss Workbook
This workbook is designed to help businesses figure their loss on business and income-producing property in the event of a disaster, casualty or theft.
Publication 547, Casualties, Disasters and Thefts
This publication explains the tax treatment of casualties, thefts, and losses on deposits.
Publication 5307, Tax Reform Basics for Individuals and Families
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To better serve our clients and friends, to keep you up-to-date and informed, our blog is a resource for tax tips and overall accounting related articles. We hope you find this useful!