On September 7, 2021, the IRS issued Tax Tip 2021-131 providing important information on tax relief and how to get it. Following a disaster, such as Tropical Storm Ida, before the IRS can authorize tax relief, the Federal Emergency Management Agency (“FEMA”) must issue a disaster declaration. Following a disaster declaration, the following are some tax related events that typically happen:
- The IRS gives taxpayers more time to file and pay;
- Taxpayers can qualify for a casualty loss tax deduction;
- Please can apply for a disaster loan or grant;
- Obtain a tax transcript; or
- Submit a change of address form.
Did you know that the IRS issues updates on social media via Facebook, Twitter, YouTube, and Instagram amongst other platforms? The IRS2Go mobile app is an app used by the Department of Treasury to provide taxpayers with these important updates. You can download it today: IRS2GoApp | Internal Revenue Service
Affected taxpayers are encouraged to review all federal disaster relief at disasterassistance.gov.
For a full review of IRS Tax Tip 2021-131, please visit the IRS website at the link provided: https://www.irs.gov/newsroom/understanding-what-happens-after-a-disaster-that-leads-to-taxpayer-relief
The information above is not designed or intended to provide financial, tax, legal, accounting, or other professional advice since such advice always requires consideration of individual circumstances.
For any further information taxpayer relief, please do not hesitate to give the chair of our Tax, Trusts, and Estate Department, Mark S. Balian, Esq., MBA, LL.M. a call at 201-587-0888 ext. 6407 or email at email@example.com