Two bills that recently passed unanimously in the U.S. House are intended to make it easier for victims of disasters to obtain tax relief. H.R. 517 would enable the IRS to grant federal tax relief to affected taxpayers as soon as governors of states declare a state of emergency. Currently, the IRS must wait until the federal government declares a state of emergency, which can take weeks. The bill would also give affected taxpayers a maximum 120 days (vs. the current 60 days) extension to file their returns. H.R. 1491 extends deadlines for disaster victims to file for tax refunds and credits. What’s next? The U.S. Senate is expected to incorporate these bills into its own draft legislation.
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