Disasters and Tax Delays

November 20, 2018

Our sympathies to people that were affected by hurricanes or fires this year.  Many people have lost their homes and livelihoods, and it devastating to feel like you’re being forced to start over through no fault of your own.

Casualty losses are complicated, and they can take time to figure out, so here’s hoping that people affected by disasters have good accounting advice.

Additionally, if you lost paperwork or documentation in one of the disasters, you may be able to ask for reasonable postponements from the IRS, so check with your tax preparer about that if you need the time.

More information can be found here on the IRS website: https://www.irs.gov/businesses/small-businesses-self-employed/disaster-assistance-and-emergency-relief-for-individuals-and-businesses