Particular tax regulation provisions might assist taxpayers and companies get well financially from the affect of a catastrophe, particularly when the federal authorities declares their location to be a significant catastrophe space. Relying on the circumstances, the IRS might grant extra time to file returns and pay taxes. Each people and companies in a federally declared catastrophe space can get a sooner refund by claiming losses associated to the catastrophe on the tax return for the earlier yr, normally by submitting an amended return. (This information was ready by the IRS.)
The IRS additionally provides audio displays on Planning for Catastrophe. These displays talk about enterprise continuity planning, insurance coverage protection, recordkeeping, and different tricks to keep in enterprise after a significant catastrophe.
Get the Newest Tax Aid Steering in Catastrophe Conditions
Current particular tax regulation provisions might assist taxpayers get well financially from the affect of a significant catastrophe of their location.
Tax Aid Assist for the Coronavirus
IRS is offering quite a lot of tax aid for these affected by the Coronavirus. For the newest updates, examine the Coronavirus Tax Aid web page.
Getting ready for Disasters
Are your house and/or enterprise prepared if a catastrophe strikes? Get info and strategies or paperless recordkeeping, documenting belongings and valuables.
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