Tax Relief for Tornado Victims in Tennessee
Tax relief for tornado victims in Tennessee is here. 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 who qualifies 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 are eligible for the tax relief. (Workers must be affiliated with a recognized government or philanthropic organization.)
IRS Postpones Deadlines to Give Tax Relief for Tennessee Tornado Victims
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 and gift returns
- employment returns
- certain excise tax returns
Note: These returns have due dates occurring between March 2, 2020 and July 15, 2020.
Claiming Losses on Federal Income Tax
Additionally, there is Federal tax relief for tornado victims. 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 tornado victims 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 offers experienced bookkeeping Franklin TN residents can trust. We provide support and assistance in all your tax, financial, and business affairs.