The Independent’s Playbook: Taxing Situations

October 12, 2022

By Jim Dudlicek / NGA Director, Communications and External Affairs

Our hearts go out to everyone, from homeowners to business owners, who have sustained losses in the wake of Hurricane Ian. Work on recovery is under way, and there’s still much to do before everyone can be made whole again.

As survivors count their blessings, care for the injured and mourn the dead, the last thing on most folks’ minds at a time like this is bookkeeping. But it’s a very real problem when tax records and other paperwork are lost in a natural disaster, especially for business owners who may be responsible for many people on their payrolls.

Luckily, the IRS understands such hardship and offers guidance on how to not only reconstruct one’s records but also demonstrate loss of business property in the event of a natural disaster.

“Reconstructing records after a disaster may be essential for tax purposes, getting federal assistance or insurance reimbursement,” the IRS explains. “After a disaster, taxpayers might need certain records to prove their loss. The more accurately the loss is estimated, the more loan and grant money there may be available.”

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