On the heels of catastrophic flooding in Oklahoma and Texas and the official start of hurricane season, the IRS issued a tax tip reminding taxpayers and preparers that there are multiple ways the agency can help in the event of natural disasters. The release includes various links referencing planning, refunds, and those providing disaster relief.

In cases of federally declared emergencies, taxpayers may receive a grant of relief, which might include extensions for deadlines, waivers for penalties, postponed dates for payment, and the ability to file resultant casualty losses. The provided links also include basic instructions concerning applying for casualty losses, such as identifying the disaster necessitating the amended return.

For those who intend to provide charitable donations to victims of natural disasters, the IRS published an FAQ.

To read the full article, click here.

Source: Internal Revenue Service