As the U.S. mobilizes on a number of fronts to assist in the recovery from Hurricane Katrina, the Internal Revenue Service has mobilized as well. The IRS has already released several information releases in response to Hurricane Katrina.There have already been disasters this year involving droughts, floods, tornadoes and other hurricanes. The IRS had released relief guidance earlier this year involving Hurricane Dennis and a tornado in Wyoming. It is seldom, however, that a disaster of the scope and national impact of Hurricane Katrina comes along.
Tax practitioners throughout the country this year are likely to be dealing with disaster questions. Tax practitioners along the Gulf Coast not only have their clients' disasters to worry about, but disasters to their own personal lives and businesses as well. A number of tax practitioners around the country have offered assistance to tax practitioners directly affected by the disaster to help them serve their clients' needs until they can get their businesses back up and running.
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