When disaster strikes, the last thought on anyone’s mind is taxes. The IRS accommodates for this, understanding natural disasters create a large financial burden on communities at large. This is there the Disaster Assistance and Emergency Relief comes in.
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The IRS often will grant additional time to pay taxes as well as expedite refunds. Here are the top four facts about the IRS Disaster Assistance.
1. It’s relatively new.
IRS Disaster Assistance was created under the National Disaster Relief Act of 2008. Before this, “Congress would draft legislation providing targeted tax benefits for taxpayers affected by the disaster that were specific to that particular disaster."
2. It does not discriminate based on wealth.
Regardless of an individual’s income level, all taxpayers can claim casualty loss deductions.
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3. It does not discriminate based on type of disaster.
In looking at the most recently given assistance, disasters range from severe storms and flooding to earthquakes and wildfire. However, the type of tax relief does vary based on severity of the disaster and the region the assistance will cover.
4. Free tax assistance is provided through both the IRS and FEMA.
The IRS and the Federal Emergency Management Agency often provide counsel following a disaster to help victims work through the detailed and complicated tax provisions.
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