September 8, 2011 by Josh Buscay
As weâ€™ve watched the destruction of Hurricane Irene in her reign of terror throughout the Northeast, our thoughts and prayers go out to the many of you that have suffered major losses during the last week. Though the damage from this hurricane is irreversible, there is some solace in knowing that there is relief around the corner. The IRS recently announced they will be distributing disaster assistance and emergency relief to taxpayers affected by major natural disasters like Hurricane Irene.
According to the IRS.gov website, special tax law provisions may help taxpayers and businesses recover financially from the impact of a disaster, especially when the federal government declares their location to be a major disaster area. Depending on the circumstances, the IRS may grant additional time to file returns and pay taxes. Both individuals and businesses in a federally declared disaster area can get a faster refund by claiming losses related to the disaster on the tax return for the previous year, usually by filing an amended return.
If you have been impacted by Hurricane Irene, and own a small business, contact the IRS for further information on claiming the losses related to the disaster. Find out more by going to http://www.irs.gov/localcontacts/index.html to locate your local IRS office.