Tax relief for disaster recovery efforts.
Insights and practical guidance in the wake of a natural disaster
KPMG examines the special tax law provisions that may help taxpayers and businesses recover financially from the impact of a disaster.
When a natural disaster becomes an unfortunate reality, those affected are widespread:
- Communities where destruction occurred
- Companies that have had loss of property
- Employers, charities, and the community providing support to their employees
- Contractors involved in rebuilding the infrastructure
- Insurers assessing the damage
Bookmark this page to stay on top of the latest news and insights for entities that may be affected by a natural disaster.
Notice 2023-71: IRS provides relief for taxpayers affected by terroristic action in Israel
October 13, 2023 | Postponed tax filing and payment deadlines that occurred or will occur during the period from October 7, 2023, through October 7, 2024
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Like-kind exchange relief for taxpayers affected by Hurricane Ida
Relief beyond taxpayers in Louisiana The IRS has granted “affected taxpayers” with respect to Hurricane Ida an extension of time to perform certain actions. This September 2021 report explains how taxpayers affected by the disaster—including those located outside the specific covered disaster area—may qualify for this rare extension of time.
Download PDFEmployers helping employees
Approaches that employers may want to consider for assisting employees in times of need When a disaster strikes, employers often want to help their affected employees. Although employer-provided assistance raises tax questions, it may be possible for employers to make certain payments, implement reimbursements, and offer other forms of help, so that some or all of the employer-provided assistance is non-taxable, but nonetheless deductible. This July 2021 report discusses those possibilities, as well as other approaches that employers may want to consider for assisting employees in times of need.
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Insurance claims services
Post-disaster economic recovery often entails the filing of complex property damage and business interruption insurance claims.
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