The IRS provides disaster relief
Tax Tip of the Week
July 21, 2014
The IRS provides disaster relief
In the aftermath of a disaster, implementation of established plans can help you get back to your daily routine. Still, no matter how prepared you are, some things — such as tax deadlines — can be overlooked during the recovery period. What happens if you discover you've forgotten to file a return or make a deposit?
Here are examples of tax relief available when you or your business are affected by a federally declared disaster.
- Postponed deadlines. Deadlines for personal and business returns, as well as tax deposits, can be postponed for up to a year. The length of the postponement for each disaster area is determined by the IRS, so you'll want to verify how much additional time you have.
- Penalty abatement. Penalties for failing to file certain returns or make required deposits are waived during the postponement period. The waiver is generally automatic and may also apply to interest.
- Prioritized processing. You have the option of amending last year's return to claim losses from a current year disaster. Amended returns flagged with applicable "disaster designations" are typically expedited so you get a refund quickly.
Were prior year returns lost in the disaster? Requests for replacements are expedited and the usual fees are waived.
Please call for more information, and remember you don't have to navigate disaster-related tax matters on your own. We're here to help.
"Tax Tips" are published weekly 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.
© MC 2014
July 21, 2014
The IRS provides disaster relief
In the aftermath of a disaster, implementation of established plans can help you get back to your daily routine. Still, no matter how prepared you are, some things — such as tax deadlines — can be overlooked during the recovery period. What happens if you discover you've forgotten to file a return or make a deposit?
Here are examples of tax relief available when you or your business are affected by a federally declared disaster.
- Postponed deadlines. Deadlines for personal and business returns, as well as tax deposits, can be postponed for up to a year. The length of the postponement for each disaster area is determined by the IRS, so you'll want to verify how much additional time you have.
- Penalty abatement. Penalties for failing to file certain returns or make required deposits are waived during the postponement period. The waiver is generally automatic and may also apply to interest.
- Prioritized processing. You have the option of amending last year's return to claim losses from a current year disaster. Amended returns flagged with applicable "disaster designations" are typically expedited so you get a refund quickly.
Were prior year returns lost in the disaster? Requests for replacements are expedited and the usual fees are waived.
Please call for more information, and remember you don't have to navigate disaster-related tax matters on your own. We're here to help.
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.
© MC 2014
