Sidney Kess Natural Disasters and Tax Consequences: Individuals and Businesses Take Note
The IRS has already noted 14 federal disasters in 2023—including tornados, mudslides, winter storms, severe rains and flooding. When this happens, there are tax consequences to individuals and businesses, writes contributor Sidney Kess.
April 26, 2023 at 10:49 AM
8 minute read
Tax
It seems that natural disasters are occurring more frequently. Both the East Coast and West Coast have recently been devastated by various storms, and some central states have been hit by tornadoes. The IRS has already noted 14 federal disasters in 2023—including tornados, mudslides, winter storms, severe rains and flooding. When this happens, there are tax consequences to individuals and businesses.
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