HOUSTON – O’Connor, a Houston-based tax consulting firm led by Patrick O’Connor, has introduced the Federal Tax Refund Program to assist homeowners and business owners in accessing additional federal assistance to recover from hurricane damage.
“The Federal Tax Refund Program offers one of the fastest ways for Texans to obtain meaningful financial relief,” said Patrick O’Connor, president of O’Connor. “Flood victims may be eligible for a federal income tax refund regardless of whether they had flood insurance.”
The program leverages federally allowed casualty-loss deductions to help eligible victims recover a substantial federal income tax refund. It is structured to securely accelerate the coordination and filing processes that can unlock tax-based relief after destructive flooding.
Hurricane Harvey made landfall in Texas on August 25, bringing catastrophic rainfalls that reached as much as 50 inches in the Houston area. The storm damaged or destroyed roughly 100,000 single-family homes and affected a large number of commercial properties.
After a flood, typical casualty losses often range from 10 to 30 percent of property value. These losses can translate into significant tax benefits for homeowners and businesses seeking funds to rebuild and move forward, O’Connor said. The firm created a dedicated website for the initiative at Aid4Harvey.com.
Through the Federal Tax Refund Program, O’Connor provides the following services to flood victims:
- Remove the burden of researching complex IRS regulations by guiding clients through relevant tax rules and eligibility requirements.
- Coordinate with qualified tax preparers and appraisers to establish an accurate property valuation reflecting flood damage.
- Prepare and submit the necessary documentation and filings to the IRS to claim eligible casualty-loss deductions and obtain refunds.
- Offer an expedited path for qualified flood victims to secure tax-based funds to support repairs and recovery efforts.