In addition to emotional and physical consequences, disasters often have tax consequences for affected taxpayers.
Experienced tax preparers can play an important role in helping affected clients with the ensuing tax issues.
Clients may learn that tax deadlines have been postponed. Some clients may also benefit from deductions due to losses. However, there are certain cases where clients are required to report taxable gains.
After completing this course, you will be able to:
- Identify the types of casualty losses that pertain to federally declared disasters.
- Prove, figure, and report gains and losses from federally declared disasters.
- Determine whether filers are eligible for postponements of tax deadlines due to federally declared disasters.
