Special tax law provisions may help taxpayers and businesses recover financially from the impact of a disaster, especially when the federal government declares their location to be a major disaster area, officials say.
In Utah, 20 of the state’s 29 counties have been declared disaster areas by the U.S. Department of Agriculturedue to severe drought conditions.
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Depending on the circumstances, the IRS may grant additional time to file returns and pay taxes.
Both individuals and businesses in a federally declared disaster area can get a faster refund by claiming losses related to the disaster on their tax return for the previous year, usually by filing an amended return.
The IRS also offers audio presentations on Planning for Disaster. These presentations discuss business continuity planning, insurance coverage, recording keeping and other tips to stay in business after a major disaster.
A variety of publications give information on getting tax relief guidance in disaster situations, resource guides for individuals and businesses and tax tips for agriculture producers. Visit irs.gov and type "disaster" in the search field.
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