IRS Provides Tax Relief for Tennessee Tornado Victims
As one of the most trusted accounting firms in Nashville, PHB wants to alert recent tornado victims of good news. On March 17, 2020, the IRS announced it will give tax relief to the tornado victims.
So what victims of the tornadoes qualify for this tax relief in the Nashville area? The answer is – residents and people who have a business in Davidson county. Affected residents and business owners in Putnam and Wilson counties are also eligible. Additionally, relief workers assisting in the tornado relief activities are eligible for the tax relief. (Workers must be affiliated with a recognized government or philanthropic organization.)
IRS Postpones Deadlines
The relief takes the form of deadline delays for filing and payments. The IRS is giving eligible taxpayers until July 15, 2020 to file most tax returns. This includes:
- individual and corporate returns
- estate and trust income returns
- partnership returns
- S corporation returns
- trust returns
- estate, gift, and generation-skipping transfer returns
- annual information returns of tax-exempt organizations
- employment returns
- certain excise tax returns
Note: These returns have either an original or extended due date occurring between March 2, 2020 and July 15, 2020.
Claiming Losses on Federal Income Tax
Additionally, eligible tornado victims may claim casualty losses on federal income tax. Secondly, individuals may also deduct personal property losses that insurance does not cover. Thirdly, if you are involved in a tax collection or examination, you may be eligible for special consideration by the IRS.
The tax professionals at PHB know the guidelines for this tax relief eligibility. So we stand ready to help victims of the tornado with their tax preparation for 2019. Please call us at 615-750-5537 to make an appointment if you need help with your tax return. PHB is one of the most experienced CPA Firms in Franklin, TN. We can provide support and assistance in all your tax, financial, and business affairs.