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.
- 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