2024 Disaster Taxpayer Relief  

2024 tax relief is available for those living in areas that are federally declared disasters by the Federal Emergency Management Agency (FEMA). Taxpayers do not need to contact the agency to get tax relief as the Internal Revenue Service (IRS) will automatically identify the affected areas and apply extra 2024 filing time and payment relief. To date, affected areas are included in the following states, Arkansas, Iowa, Kentucky, Massachusetts, and West Virginia. Taxpayers are responsible for indicating which natural disaster applies to their situation when claiming a loss on their tax returns.Tofind specific information, extended tax filing dates, and resources for taxpayers affected by disasters, visit: https://www.irs.gov/newsroom/tax-relief-in-disaster-situations

People might need to temporarily relocate after a natural disaster. Those who move should notify the IRS of their new address by submitting Form 8822, Change of Address. If taxpayers have lost tax records, call the IRS automated line to request a transcript at 800-908-9946. The IRS is recommending tax return transcripts and copies of tax returns requests to be done online rather than by mail. To speed up the process, taxpayers who file Forms 4506-T or 4506 should write on the form that the request is disaster-related and the type of disaster as well as listing the state where it occurred. Fees are waived and requests are expedited. 

The Small Business Administration (SBA) offers disaster assistance to business owners, homeowners, and renters in federally declared disaster areas. If property is lost or damaged due to a federally declared disaster, taxpayers may qualify to claim a casualty loss deduction and get a larger refund by making a claim on their current or prior-year tax return. To qualify for an SBA grant or loan, taxpayers must have filed all required tax returns.  Visit: https://lending.sba.gov/search-disaster/ to determine if eligible.

SPS/GZ is a full-service tax reporting firm that includes 1099 online filing services. Known for personalized service and exceptional support, while utilizing state-of-the-art technology, we create and e-file various 1099s, Forms 1098-T and 1042-S, Affordable Care Act tax forms, and Forms 3921 and 3922 for business clients of all sizes. For more information, reach out to us at sales@greenzapato.com or call at (888)375-3049. Our complete and affordable solution allows administrators to simply upload their tax form data file to our secure portal in a few simple steps and we handle everything else to keep your organization compliant. Contact us today!

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