Tax Law and News Tax relief in declared disaster areas Read the Article Open Share Drawer Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)Click to share on LinkedIn (Opens in new window) Written by Intuit Accountants Team Modified May 25, 2023 2 min read Chances are you might have one or more clients who were affected by natural disasters; check out this article on filing compliance to see if your clients are affected; it is updated periodically whenever there is new information to add. In the meantime, tax relief is available for people living in areas that are declared disasters by the Federal Emergency Management Agency. To find out whether an area qualifies for federal disaster relief, taxpayers should check DisasterAssistance.gov. Find disaster assistance information from the IRS Up-to-date information is available from these IRS resources: Disaster Assistance and Emergency Relief for Individuals and Businesses. Information and resources for people and businesses affected by disaster. IRS Twitter account. Links and current information on IRS disaster tax relief. IRS disaster hotline at 866-562-5227. Taxpayers can call for disaster information. Affected taxpayers have more time to file and pay If taxpayers live at an address in an area that qualifies for IRS disaster tax relief, they automatically get extra time from the IRS to file returns and pay taxes. Casualty loss tax deduction If people have damaged or lost property due to a federally declared disaster, they may qualify to claim a casualty loss deduction and get a larger refund. They can claim this on their current or prior-year tax return. Rebuild lost records with a tax return transcript If people have lost their tax records, they can request a tax return transcript and a copy of their tax return from the IRS. Taxpayers can get tax return transcripts online or request mail delivery with Get Transcript. Taxpayers can also file Form 4506-T, Request for Transcript of Tax Return. To get a copy of a tax return, taxpayers can file Form 4506, Request for Copy of Tax Return. The IRS waives the fees and expedites these requests for people who need to apply for disaster-related benefits or file amended returns to claim disaster-related losses. To speed up the process, taxpayers who file Forms 4506-T or 4506 should: Write on the form that the request is disaster related. Write the type of disaster and the state where it occurred. People who relocate need to submit a change of address After a disaster, people might need to temporarily relocate. People who move should notify the IRS of their new address by submitting Form 8822, Change of Address. Small Business Administration loans and grants The Small Business Administration offers disaster assistance to business owners, homeowners and renters in a federally declared disaster area. To qualify for an SBA loan or grant, taxpayers must have filed all required tax returns. More information: FAQs for disaster victims Previous Post June 2023 tax and compliance deadlines Next Post IRS guidance for domestic content bonus credit Written by Intuit Accountants Team The Intuit® Accountants team provides ProConnect™ Tax, Lacerte® Tax, ProSeries® Tax, and add-on software and services to enable workflow for its customers. Visit us at https://proconnect.intuit.com, or follow us on Twitter @IntuitAccts. More from Intuit Accountants Team Comments are closed. Browse Related Articles Tax Law and News October 2024 tax and compliance deadlines Tax Law and News Safeguards Rule and cybersecurity leadership Practice Management Al innovations: Transforming your firm for the future Advisory Services Generational wealth: Family trusts and tax planning Tax Law and News Help your clients avoid tax-time surprises Tax Law and News Guide to energy and clean vehicle tax credits Practice Management Cloud automation drives results for Three Peaks Tax Law and News Tax relief for victims of Hurricane Francine Advisory Services La función de un contador en la planificación de la s… Advisory Services Preparing your clients’ children for inheritance