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...
Oct 26, 2020 | Federal Disaster Declaration
The IRS announced that Trinity County has been added to the list of counties under the Federal Disaster Declaration for the August 2020 fires. Following the recent disaster declaration for individual assistance issued by the Federal Emergency Management Agency, the...
Oct 16, 2020 | Disaster Loss Deduction, Federal Disaster Declaration
The IRS announced that Lassen and Tulare Counties have been added to the list of counties under the Federal Disaster Declaration for the August 2020 fires. Following the recent disaster declaration for individual assistance issued by the Federal Emergency Management...
Oct 16, 2020 | Federal Disaster Declaration
Update: Hours after denying a disaster declaration, Gov Newsom made a direct plea to the President and the Disaster Declaration is now APPROVED for the early September fires. The fires part of this declaration are Creek Fire (Fresno & Madera Counties), Bobcat Fire...
Oct 5, 2020 | Federal Disaster Declaration
The IRS announced that Santa Clara County has been added to the list of counties under the Federal Disaster Declaration for the August 2020 fires. Following the recent disaster declaration for individual assistance issued by the Federal Emergency Management Agency,...
Aug 24, 2020 | Casualty Gain, Casualty Loss Deduction, Federal Disaster Declaration, Insurance
As part of the Tax Cuts and Jobs Acts, casualty loss deductions were disallowed starting in 2018 unless the loss was incurred in a federally declared disaster area. Because of the Presidential Disaster Declaration made yesterday, victims of the August 2020 CA...