Tax Brake with Robert G. Nath, Esq.

First, the IRS is extending filing and payment deadlines for those affected. This includes corporations and individuals who have estimated payments or payroll tax deposits due. It also includes some tax filing deadlines. Even in these very difficult times, the IRS, while totally understanding of New York's plight, won't let those unaffected take advantage of the situation. Check irs.gov for further details.

If you have difficulty with tax compliance as a result of the attacks, you should consider documenting this in any way you can - your own memo, the newspapers, emails from your company - anything to show how the problem affected you. Then keep that evidence should you need it.

Second, insurance will cover most losses in this disaster. The tax issue is the deduction for those losses not covered by insurance, the so-called “casualty loss”. You must be in a position to prove that the loss affected you. As simple as this may seem today, it gets harder as time goes on. (Victims of the Los Angeles earthquakes are an example of this.) So keep anything showing YOUR loss. There are other, complex rules governing casualty losses, available through the IRS website, irs.gov.

Good luck with all of this. The tax issues pale in comparison to the human losses, but later on, let's not let them become sale in the wounds. In THIS fight, the IRS is definitely on your side.

This website and the linked publications contain the opinions and ideas of its author(s) and are designed to provide useful discussion to the reader on the subject matter covered.  Any references to products or services do not constitute or imply an endorsement or recommendation.  The advice or discussion presented in this website or linked publications are not intended for use by any particular person and do not constitute the rendering of legal, accounting, financial, or other advise of any type.  The publisher and the author(s) specifically disclaim any responsibility for any liability, loss or risk (financial, personal or otherwise) which may be claimed or incurred as a consequence, directly or indirectly, of the use and/or application of any of the contents of this website or the linked publications.  Information on this website and linked publications is provided "as is" without any warranty of any kind, either express or implied.  All intellectual property, including without limitation trademarks, trade secrets and copyrights, are the property of Robert G. Nath, Esq. and any unauthorized use thereof is strictly prohibited.  Any person is hereby authorized to view the information available on this website for informational purposes only.  No part of the information on this site may be used, redistributed, copied or reproduced without the prior written consent of Mr. Robert Nath or LawTek Media Group, LLC.  Linked websites are not under the control of Mr. Robert Nath or LawTek Media Group, LLC and no representation whatsoever is made about any other website (or information found therein) which you may access through this website.  Links are provided only as a convenience and the inclusion of any link does not imply endorsements or acceptance of any liabilith whatsoever for the contents or the use of such website.

IN NO EVENT WILL MR. NATH BE LIABLE TO ANY PARTY FOR ANY DIRECT, INDIRECT, SPECIAL OR OTHER CONSEQUENTIAL DAMAGES WITH ANY USE OF THIS WEBSITE, OR ON ANY OTHER LINKED WEBSITE, INCLUDING, WITHOUT LIMITATION, ANY LOST PROFITS, BUSINESS INTERRUPTION, LOSS OF PROGRAMS OR OTHER DATA ON YOUR INFORMATION HANDLING SYSTEM OR OTHERWISE, EVEN IF WE ARE EXPRESSLY ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.  THE ENTIRE RISK ARISING OUT OF THE USE OF ANY INFORMATION FOUND HEREIN REMAINS WITH THE RECIPIENT.

BY USING THIS WEBSITE AND ANY LINKED WEBSITE OR PUBLICATIONS REFERENCED THEREIN, THE USER OR READER AGREES IN ADVANCE WITH ALL OF THE ABOVE TERMS AND CONDITIONS AS A CONDITION PRECEDENT TO SUCH USE.

No information or materials posted here are intended to constitute legal advice, nor can we guarantee the accuracy of posted information, especially as to each individual situation. LawTek does not independently check the information contained herein and does not refer or endorse any product, service, or firm. This site does not constitute an attorney-client relationship; local counsel should always be consulted.