TSCPA News

Tennessee Lawmakers Introduce Legislation To Help Taxpayers Recover From Natural Disasters

June 6, 2023

Rep. David Kustoff (R-TN) and Rep. Judy Chu (D-CA) recently introduced the bipartisan, bicameral Filing Relief for Natural Disasters Act in the U.S. House of Representatives. Sen. Marsha Blackburn (R-TN), Sen. Catherine Cortez Masto (D-NV), Sen. John Kennedy (R-LA), and Sen. Chris Van Hollen (D-MD) introduced the companion bill in the Senate. The legislation will provide relief for taxpayers impacted by natural disasters and emergencies.

"Over the years, West Tennessee families and businesses have been impacted by natural disasters," said Rep. Kustoff. "The Filing Relief for Natural Disasters Act will provide relief to taxpayers affected by such crises so that they can focus on what matters most: caring for loved ones and rebuilding their communities. This legislation will give Americans impacted by natural disasters the flexibility they need in order to recover."

Currently, the IRS has the authority to postpone tax filing deadlines to taxpayers affected by federally-declared disasters. However, this does not extend to state-level emergencies. The Filing Relief for Natural Disasters Act would authorize the IRS to extend relief to impacted taxpayers as soon as the governor of a state declares a disaster or state of emergency. The legislation would also expand the current mandatory extension following a federally-declared disaster declaration from 60 to 120 days.

"The Tennessee Society of Certified Public Accountants thanks Rep. Kustoff and Sen. Blackburn for their support and leadership of this important legislation. Expanding the authority of the IRS to provide federal tax relief after major disasters will lighten the burden on CPAs and their clients in a challenging situation and make a difference for small business owners, families and other taxpayers all across the country," said TSCPA President/CEO Kara Fitzgerald, CPA, CGMA, CAE.