SOURCE: US Tax Professionals

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November 20, 2016 03:57 ET

US Tax Accountant Talks Disaster Breaks

US Tax Accountant in Vancouver offers tips on special IRS provisions that may help taxpayers and businesses recover financially from a disaster

VANCOUVER, BC--(Marketwired - November 20, 2016) - US Tax Accountant Mark Schiffer specializes in cross-border taxation. He has over 25 years of experience and provides a broad range of professional tax services for individuals, businesses, executives, expats, investors, and independent professionals located in Vancouver, BC. His latest newsletter touches on disaster related tax relief. If the Federal Government declares a location to be a disaster, taxpayers whose homes or businesses have been affected may have some relief to help them recover financially. For more, go to: http://www.us-taxprofessionals.com/newsletter.php#3

It's typically best to work with a US tax accountant who can help navigate the channels and paperwork in order to expedite returns. In some cases, once the President has declared an emergency, taxpayers in an affected area may be able to claim money from the IRS immediately.

Automatic filing and penalty relief will be provided to any taxpayers with an IRS address of record located in the disaster area. Therefore, it's not necessary to contact the IRS to get this relief. However, if an affected taxpayer receives a late filing or payment penalty notice that has an original or extended filing, payment, or deposit due date falling within the postponement period, the taxpayer should call the number on the notice to have the penalty abated.

The IRS will also work with any taxpayer who lives outside the disaster area but whose records needed to meet a deadline occurring during the postponement period are located in the affected area. This includes workers assisting the relief activities who are affiliated with a recognized government or philanthropic organization.

Individuals and businesses who suffer uninsured or unreimbursed disaster-related losses can choose to claim them on either the return for the year the loss occurred (in this instance, the 2016 return normally filed next year), or the return for the prior year (2015).

Finally, employees and certain members of their families who live or work in disaster area localities (like those affected by Hurricane Matthew), who participate in employee sponsored retirement accounts, may be eligible to take loans and hardship distributions without incurring the 10% early withdrawal tax penalty. These include things such as 401(k)s, 403(b) tax-sheltered annuities, and state and local government employees with 457(b) deferred-compensation plans.

The IRS has many special provisions to help those whose families or businesses have been impacted by a natural disaster. If you have been impacted by a disaster and wonder what tax breaks and assistance might be available, contact US Tax Professionals at (604) 949-1559.

About the Company

US Tax Professionals specialize cross borders tax services for American citizens living in Canada and Mexico. Founded in 2013, they specialize in individual taxation, taxation and accounting for business, and accounting and taxation of alternative investments, including private equity funds and hedge funds.

For more information, visit http://www.us-taxprofessionals.com/ or call (604) 949-1559.

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