Webinar

Federal Disasters: How to Deduct Personal Casualty Losses

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Literally thousands of individual taxpayers may have increased deductions or exclusions from gross income as a result of the Disaster Relief Act of 2023 and OBBBA of 2025. Casualty provisions are retroactive to December 19, 2019 through late 2025. Both low and high-income taxpayers may benefit from RETROACTIVE AND CURRENT deductions. There are also exclusions of payments received as compensation for wildfire damages -- retroactive to 2014! This course will review these provisions which can bring substantial tax savings to clients. Please Note: If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to kori.herrera@acpen.com

Major subjects

• Federal Disaster Relief Act provisions enacted in December, 2024 and July, 2025.
• Comparison of personal use casualties with business/investment casualties.
• When to claim casualty losses.
• How to postpone casualty gains.
• Filled-in forms examples.
• Time limits for amended returns.

Learning objectives

• Implement practical strategies based on a thorough understanding of the complex rules for casualty losses and casualty gains.
• Identify and recall key compliance issues.
• Identify and recall significant issues in the casualty loss tax form.

Who should take this program?

• CPAs and members in industry seeking an in-depth review of casualty loss reporting.

Pricing

Our records indicate you are a nonmember. If you register, you will be charged $39.00 (Standard Nonmember Fee). Members: Please log in to receive member fee.

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