Disaster Relief
Several recent laws affect disaster relief for taxpayers. What does that mean for you? The Tax Cuts and Jobs Act (TCJA) removes the deductions for casualty and thefts, except for losses from disasters covered by specific federal disaster declarations. On the other hand, the limitations to casualty losses for some declared disasters are reduced. So, you have relief in fewer situations, but the relief comes closer to making you whole again.
Important Tax Dates
- Oct. 15, 2018 – Extended individual and C corporation tax returns due.
- Hurricane Florence victims in parts of North Carolina and elsewhere have until Jan. 31, 2019, to file certain individual and business tax returns and make certain tax payments.
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