While many of our fellow Americans have been struggling trying to find a job, some may also be looking for ways to rebuild their homes due to the second deadliest tornado outbreak in U.S. history. With the death toll likely to hit new records, many families are mourning the death of loved ones while trying to decide what to do next to rebuild their homes, lives and communities.
Most of the southern states and communities affected by these massive tornadoes have been declared disaster areas as per the IRS.gov website. The declaration helps bring some tax relief for victims involved in these terrible situations.
Tax relief extends the deadline to June 30 for affected taxpayers and businesses to file most all tax returns such as individual, corporate, estate, trust, partnership, S corporation, gift, generation-skipping transfer returns, and most all employment and certain excise tax returns. It also extends the dates for those individuals to make tax payments, including quarterly estimates that had an April 15 or any time before June 30 due date, to June 30 as the actual deadline. The postponement of time to file and pay does not apply to information returns such as W-2, 1098, 1099s or to forms such as 1042-S or 8027.
Casualty Losses Relief