Disaster recovery

The Internal Revenue Service postponed tax filings and payments for more than 68 million taxpayers affected by the killer storms.

Affected taxpayers can get deadline extensions and penalty abatements.

The Internal Revenue Service has issued a notice extending the relief it provided last year to residents who evacuated or couldn’t return because of the damage caused by the monster storms.

Still reeling from the devastation of Hurricane Maria, Puerto Rico may be pummeled again by the tax-cut bill in Congress.

The recent string of devastating hurricanes and wildfires in the U.S. and its territories has prompted questions about financial reporting by companies striving to recover from natural disasters while wrestling with their insurance companies over damage claims.

It certainly won’t be their first step after Harvey, Irma or Maria, but taxpayers will eventually need to reproduce or find copies of their documents.

The Internal Revenue Service released guidance Wednesday to give tax relief to residents of Puerto Rico and the U.S. Virgin Islands who have evacuated the islands or were unable to return because of Hurricanes Irma or Maria.