Tax Tips

The IRS website has a dedicated page for disaster assistance and emergency relief for individuals, businesses and relief workers.

Go to www.irs.gov/newsroom/article/0,,id=108362,00.html

Once the President declares a disaster area, the IRS issues a news release which includes the following:

1. A county by county listing for areas covered by the disaster area.
2. The grant of relief which typically includes an extended deadline for filing most tax returns and/or making tax payments, including estimated tax payments due within a certain time period.
3. There can also be "expedited requests" for tax returns already filed by affected taxpayers and help with collection or examination matters.

The quickest way to get the latest disaster declarations is to visit the FEMA website at www.fema.gov/news/disasters.fema.

In addition to the above relief, taxpayers who incur a casualty loss that is attributable to a federally declared disaster can elect to claim the casualty loss on their return for the year before the disaster occurred. This can help you get a tax refund sooner than if the loss is claimed on the return for the year the disaster occurred.

Joe

Learn more about Joe DePetris, Jr., and IBO tax return preparation and tax issues at IBO Bookkeeping 101.

Find more Tax Tips for IBOs from Joe DePetris, Jr., CPA.

This article is provided as an educational resource for your guidance, and is strictly informational. It does not constitute legal, accounting, or other professional counsel. Nothing included herein implies a recommendation by the author, the IBOA International, or Amway in North America, of any course or method of regulatory compliance. Readers and users who intend to take, or refrain from taking, any action based on information contained herein should first consult with their qualified tax advisor, preferably a C.P.A., or appropriate regulatory authorities.