Disaster Feed

Texas, according to veteran Lone Star State meteorologists, is the land of perennial drought, broken by the occasional devastating flood. Such flooding occurred today, opening up the possibility that parts of the Texas Hill Country could be deemed major disaster areas. If that happens, affected property owners can claim their losses on their tax returns. Mansfield dam image Excessive rainfall has produced devastating flooding in Central Texas, forcing area officials to open floodgates at local dams. The amount of water flowing into area rivers and lakes is so heavy that even Mansfield Dam in Austin, the structure that holds back... Read more →


UPDATE, Oct. 15: Additional areas in Florida, Georgia, North Carolina, South Carolina and Virginia now receive tax relief in connection with Hurricanes Florence and Michael. Details below. Monday, Oct. 15 is a big tax day for millions. The Internal Revenue Service says more than 14 million taxpayers requested added time to complete their 2017 tax returns. While not all of them put off that tax task until the very last minute, it's a safe bet that a lot did. If' you're among that group of uber-procrastinators, I wish you well in getting the job done by tomorrow. The tax and... Read more →


Port St. Joe on Florida's Panhandle was hard hit by Hurricane Michael. Residents of this small Gulf County, Florida, town now are eligible for special tax relief. (Photo courtesy Florida National Guard via Facebook) As expected, the Internal Revenue Service is giving Hurricane Michael victims extra time to take care of tax tasks that the deadly storm interrupted. The eligible taxpayers now have until Feb. 28, 2019, to file returns, pay taxes and perform certain other time-sensitive acts that had original or extended deadlines between Oct. 7 and the new filing due date next year. Extension deadline considerations: The IRS'... Read more →


Hurricane Michael is bearing down on the panhandle of Florida. It's expected to make landfall It made landfall this afternoon, possibly as category 4 strength (or stronger; wind instruments blew away before getting final readings), a speed at which it's been churning up the Gulf of Mexico for almost half a day. It's too late to evacuate, so I hope folks have found secure places to hunker down. And while I know no one is thinking about taxes when a hurricane is heading their way. The Internal Revenue Service was far from the hubby's and my minds back in 2004... Read more →


The Internal Revenue Service acted quickly in announcing tax relief for Hurricane Florence victims. As the flood waters continued to build, it expanded its relief beyond its initial disaster coverage area. Read on for more on IRS actions and how you can follow Uncle Sam's example and lend assistance to those dealing with the deadly storm. Deer brave a Hurricane Florence flooded road in Jacksonville, North Carolina, in search of higher, drier ground. (Screen shot of NBC News Twitter video) As expected, the Internal Revenue Service has announced that some folks in Hurricane Florence's path will received special consideration when... Read more →


I know it's a little late for all the business owners in North and South Carolina who better already be on the road or heading out soon to get out of Hurricane Florence's reach. Mea culpa. But for the next time — and there will be a next time — here are some ways to get your business ready for any disaster. Most of these are best practices that tax professionals and other companies already follow, but just in case you're worried you forgot something in your rush to get things done and get out, here's a quick checklist. 1.... Read more →


UPDATE , Oct. 1, 2018: The House has signed off on its three Tax Reform 2.0 bills to extend the individual provisions of 2017's Tax Cuts and Jobs Act. The Senate, however, is not so keen on the measures. Additional Senate tax action this year looks doubtful as the Upper Chamber focuses on other year-end priorities. The Tax Cuts and Jobs Act expanded the use of 529 education savings plans to cover elementary and secondary school costs. One of the House's Tax Reform 2.0 bills would also make 529 money available to pay some home-schooling expenses. (Photo by Chris Yarzab... Read more →


The Geostationary Operational Environmental Satellite (GOES) view of Hurricane Lane near Hawaii via the National Oceanic and Atmospheric Administration (NOAA). Click image to watch the radar loop. Hawaii, it's Big Island already soaked by Hurricane Lane's rains, is bracing for a very near miss from the biggest weather threat to the Aloha State in decades. The storm, which hit category 5 strength earlier this week before settling in at a still very dangerous category 4, could come close to the islands of Oahu, Molokai and Maui on today and Saturday. Even without making landfall, Lane's size and rainfall reach could,... Read more →


California wildfire smoke plumes as seen from space. (Photo courtesy NASA Earth Observatory) California wildfires that have claimed at least nine lives continue to rage. The Mendocino Complex fire has surpassed the 2017 Thomas fire to become California's largest fire on record. As of Aug. 7, the fire had charred 460 square miles, an area about the size of New York City. Meanwhile, the Carr fire near Redding torched more than 1,000 homes, making it the Golden State's sixth most destructive fire on record. Firefighters are doing their best to douse flames, but they're getting no help from Mother Nature.... Read more →


Taxpayers from three hurricane-affected U.S. islands must file their 1040s — and possibly Form 8898 — by this Friday, June 29. If that's not possible, these affected U.S. residents still can file for an extension by tomorrow to get three and a half more months. The community of Miñi Miñi, Puerto Rico, was flooded after the Carraizo Dam released water to deal with the deluge from Hurricane Maria. The category 4 hurricane tore through the U.S. island territory on Sept. 20, 2017. (Photo by Yuisa Rios/FEMA) Sorry for the late alert U.S. taxpayers who are residents of the country's islands,... Read more →


Kilauea lava flow from U.S. Geological Survey via Giphy.com Hawaiians got some relatively good news this week in connection with the continuing lava flow from Mount Kilauea. The volcano is continuing to spew potentially deadly gases and pour flaming lava across a growing southeastern section of the 50th state's Big Island. The eruption, which started May 3, also is still producing explosions and earthquakes. Now, however, the catastrophe has been declared a major disaster by the White House. That is good tax news for affected residents, which is everyone on the state's largest island, also named Hawaii, as is the... Read more →


The 2018 Atlantic basin tropical storm season, which began early with Alberto's late May arrival, is now officially here. Get ready for possible storms. And note that tax law changes mean you might not get any tax help with your recovery efforts this year. Remember this? A National Oceanic and Atmospheric Administration satellite caught Hurricanes Katia and Irma and Tropical Storm Jose (left to right) lining up on Sept. 8, 2017. Mother Nature has her own calendar. She ignored today's official start of the 2018 Atlantic/Gulf of Mexico hurricane season by, in late May, creating Tropical Storm Alberto. That storm... Read more →


A tropical system off of Mexico's Yucatan peninsula is expected to move north over the Memorial Day weekend. (The Weather Channel screenshot) The 2018 tropical storm season has arrived a bit early. Officially, the Atlantic (and Gulf of Mexico) hurricane season doesn't start each year until June 1. But the weather gods operate on their own schedules, so we often get early forming storms. That's the current situation. A tropical system has developed off the eastern coast of Yucatan, Mexico, and is expected to move north, ruining the Memorial Day weekend for thousands of Gulf Coast residents and vacationers. Depending... Read more →


Lava slowly flows from a fissure that opened on a Leilani Estates street on May 5, 2018, after Hawaii's Kilauea volcano erupted. (United States Geological Survey public domain photo via Wikimedia Commons) The United States' 50th state is home to many extraordinary things. Exotic flowers. Magical beaches. Unique birds. An active volcano. It's that last thing that's got folks worried right now. Hawaii's Kilauea volcano erupted Thursday, May 3, accompanied by dozens of earthquakes, the release of dangerous sulfur dioxide and lava flows. The 6.9 magnitude Kilauea-associated earthquake that shook the Big Island on May 4 was the most powerful... Read more →


Photo by woodleywonderworks via Flickr CC We got a little bit of rain last night as a cool front moved through Central Texas. Other parts of my native state, however, were pummeled by large hail. It's not the first damaging weather to hit Texas this spring and it definitely won't be the last, as the annual storm season begins to ramp up in the next few weeks. Starting this weekend, however, Lone Star State residents get some tax help in getting ready for whatever Mother Nature may throw out way. Certain storm preparation supplies will be tax free as the... Read more →


@bublywater via Giphy.com If you missed this year's doubly extended tax filing deadline simply because you procrastinated, or actually over-procrastinated, then you're out of luck. If you owe tax for the 2017 tax year, interest and penalties already are piling up. If this is you — no judging here, just some advice — at least get a belated extension request into the Internal Revenue Service ASAP, along with the money you owe, to stop that costly process from getting worse. The first Weekly Tax Tip of 2018 offers some guidance on moves to make if your missed the Tax Day... Read more →


Hurricanes Katia, Irma and Jose (left to right) lined up last September, each possibly headed for landfall. (National Hurricane Center radar image) A key forecast group expects the 2018 Atlantic hurricane season to be even more active than normal. That is not what people who endured Hurricanes Harvey, Maria and Irma last year and are, in some areas, still struggling to recover, wanted to hear. Dr. Phil Klotzbach and his team at Colorado State University's Tropical Meteorology Project are forecasting 14 named tropical storms this hurricane season, which officially runs from June 1 through Nov. 30. Mother Nature and her... Read more →


iLEAD students hold up their Backpacks Full of Hope that they took to Puerto Rico on their spring break to help with recovery efforts on the island. (Photo courtesy iLEAD) Hundreds of students, and in some cases their families, recently took advantage of spring break to head to sunnier climes. However, a couple of the usual beach destinations, Puerto Rico and the U.S. Virgin Islands, are still struggling with the aftermath of Hurricane Maria. The good news is that some of the mainland spring breakers did or still are using their time off to participate in storm recovery efforts in... Read more →


Here in Central Texas, many of us have been complaining (guilty!) about the dreary patch of weather that's settled over the area. Yes, we can be whiny, especially when you look at really severe conditions elsewhere in the United States. Some Alabamans also are thinking about weather this weekend, but in a forward looking way. The Yellowhammer State's severe weather preparedness sales tax holiday kicked off yesterday, Friday, Feb. 23, and runs through Sunday, Feb. 25. During this time, Alabama's 4 percent state sales tax is waived on eligible purchases. Many cities and counties also have chosen to participate in... Read more →


Grandparents who are raising their grandchildren might benefit by claiming the Earned Income Tax Credit (EITC). The IRS has additional information for these taxpayers and other special groups and situations where the EITC could help. Friday, Jan. 26, was EITC Awareness Day, the 12th annual event during with the Internal Revenue Service makes a special effort to get the word out about this tax break that millions of filers ignore each year. Actually, the tax agency made special efforts, plural, yesterday. There were more than 250 total outreach events and activities around the country to promote the Earned Income Tax... Read more →