What to Do About Tax Fiing and Documents After Disaster

With blazing wildfires, searing heat, strong hurricanes, and a global pandemic, 2020 can be safely described as having an active disaster season. Reconstructing lost records and filling tax returns may not be at the top of most people’s to-do lists in the wake of such events. Nevertheless, both are critical for a number of reasons, including reimbursement from an insurance company, obtaining federal assistance, and reporting losses on a tax return.

Key Takeaways

  • After a natural disaster, it’s critical to reconstruct lost records for reimbursement from an insurance company, obtain federal assistance, and report losses on a tax return.
  • The IRS generally allows for late filing of tax returns as well as late payment of taxes for those in affected areas.
  • States usually fall in line with federal extensions in the wake of disaster.

Be Aware of Postponed Federal Tax Deadlines

Here’s the latest info from the Internal Revenue Service

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