Jan 16, 2024 | Casualty Gain, Exclusion of Taxable Gain, Federal Disaster Declaration, PG&E Settlement
Congress has announced it has reached a budget deal that includes Federal tax relief for individuals who received settlement income related to wildfires. As of this writing, the bill has not passed yet, but assuming it does, The Tax Relief for American Families and...
Sep 17, 2021 | Federal Disaster Declaration
The California wildfires beginning July 14, 2021 (4610-DR-CA) and the Caldor fire (4619-DR-CA) have been named presidentially declared disasters. This declaration provides additional assistance and tax relief to taxpayers with a home or business in this area. The IRS...
Feb 2, 2021 | Federal Disaster Declaration
What is a Federally Declared Disaster? I.R.C. §165(i)(5) states that the term “Federally declared disaster’ means any disaster subsequently determined by the President of the United States to warrant assistance by the Federal Government under the Robert T....
Jan 27, 2021 | Casualty Gain, Exclusion of Taxable Gain, Federal Disaster Declaration
If this is your first year preparing returns for clients with casualty gain/loss, you may be a bit overwhelmed (I know we certainly were in 2017 when we had hundreds of clients lose their homes). We put together this guide to help you navigate the process. This tax...
Jan 17, 2021 | Federal Disaster Declaration
Wildfire survivors in three additional California counties are now eligible for federal resources and programs to help rebuild their communities and their lives. California secured the addition of Napa, Shasta and Sonoma counties to the Major Disaster...
Oct 26, 2020 | Casualty Loss Deduction, Federal Disaster Declaration
The IRS announced on Friday that victims of the California wildfires that began on September 4th may receive tax relief from the IRS. Note this is separate relief from that provided for the August wildfires. Individuals and households who reside or have a business in...