Disaster resources can help taxpayers weather the storm

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.

More information:
Publication 5307, Tax Reform Basics for Individuals and Families

"Tax Tips" are published to provide current tax information, tax-cutting suggestions, and tax reminders. If you would like more information on anything in "Tax Tips," or if you'd like to be on our mailing list to receive other tax information from time to time, please contact our office.
 
The tax information contained in this site is of a general nature and should not be acted upon in your specific situation without further details and/or professional assistance.
 
We are trusted CPA advisors servicing Burr Ridge, Hinsdale, Willowbrook, Darien, Naperville, and all Chicagoland area. 

Do you need assistance with your business and/or personal tax returns? Would you like to have a trusted source for your accounting, allowing you additional time to focus on increasing your business? Do you use QuickBooks, or plan to in the future, for your accounting? We include these in all our service packages, customized to fit your personal or business needs.   
 
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For more free resources, such as Tax Rates, Tax Organizers, and Record Retention Schedules, access our website www.monarchaccountinggroup.com.

Monarch Accounting Group, Inc
145 Tower Drive, Suite 4
Burr Ridge, IL 60527
Phone (630) 320-3720
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