What is generally regarded as the costliest US disaster year on record? The Exchange… It’s where great ideas intersect. And you can always rely on us for great commentary and insightful analysis on federal, state, and international tax issues on the Exchange–no declarations necessary. That can take many forms-from sharing important updates to helping build community. Don’t let that spirit fade away once the headlines do.Īt Bloomberg Tax, we’re here to help, too. That’s been apparent over the last week-I’ve watched as our community has reached out to each other, from offering the opportunity to sit in air conditioning to simply asking if everyone is OK. I’ve noted before that one of the great things about our profession is community. If you need assistance, don’t be afraid to ask. The Florida Institute of Certified Public Accountants also has a disaster relief page with tax updates. Photographer: Ben Hendren/Anadolu Agency via Getty Imagesįlorida attorneys who need help can look to the state bar-there is a Hurricane Ian Help page available. But let’s not forget about the people-even though the rains are gone, families and businesses are still feeling the impact. We all do it because it’s a significant part of recovery. Tax professionals tend to focus on the numbers, including the dollars. Additionally, since you can no longer claim miscellaneous itemized deductions, business casualty losses of property used in performing services as an employee cannot be deducted or used to offset gains. Following tax reform, individual losses are only deductible to the extent they are attributable to a federally declared disaster. It’s also important to remember that in years past, taxpayers who suffered an economic loss due to a hurricane could claim a deduction on their federal income tax return. This also includes those workers assisting with the relief activities affiliated with a recognized government or philanthropic organization. But, any taxpayer who lives outside the disaster area but whose records are located in the affected area must contact the IRS at 86. The relief is automatic, meaning taxpayers don’t need to contact the IRS or file any forms. The relief is available to individuals and businesses in a locality designated by the Federal Emergency Management Agency as a disaster area the list of eligible places is also available on the disaster relief page on the IRS website. 15, 2023, to file various federal individual and business tax returns and make tax payments. The tax relief means taxpayers have until Feb. The result was widespread flooding in several areas. Those states were hard hit as Ian crossed the Florida Panhandle into the Atlantic before powering up again to slam into South Carolina. In response, the IRS announced tax relief for those in Florida and the Carolinas. The scope of property damage is still being tallied, but estimates range from $40 billion to $75 billion. That makes it the deadliest storm since 1935. In Florida alone, state and local authorities have documented 120 deaths. I know that they are among the lucky ones. Likewise, my daughter lost power overnight, but it had returned by morning. My mom finally texted me on Saturday that all was well near Topsail, but they had lost power for six hours. Some had serious storm damage, while others were relieved that all that was required was a few hours of cleanup. It was a relief to finally hear the stories trickle through. I have family in the Carolinas and friends scattered throughout the Southeast, including Florida, and I was worried. Like many of you, I checked the weather pretty obsessively last weekend.
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