Tax relief is available in 2023 for those living in areas that are federally declared disasters by the Federal Emergency Management Agency. The Internal Revenue Service (IRS) will automatically identify the affected areas and apply extra filing time and payment relief to certain taxpayers who are located in those counties that experienced disasters in the following states: Alabama, Arkansas, California, Florida, Georgia, Indiana, Mississippi, New Mexico, New York, Oklahoma, and Tennessee. Taxpayers are responsible for indicating which natural disaster applies to their situation when claiming a loss on their tax returns.Disaster Assistance and Emergency Relief for Individuals and Businesses is where to find information and resources for taxpayers affected by disasters.
The Small Business Administration offers disaster assistance to business owners, homeowners, and renters in federally declared disaster areas. To qualify for an SBA loan or grant, taxpayers must have filed all required tax returns. If property is damaged or lost 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 loan or grant, taxpayers must have filed all required tax returns.
After a disaster, people might need to temporarily relocate. People who move should notify the IRS of their new address by submitting Form 8822, Change of Address. If taxpayers have lost tax records, the IRS is recommending online tax return transcripts and copies of tax returns due to staffing issues at this time. 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.
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