Casualty Loss and Disaster Relief

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In the unfortunate event of a disaster, casualty or theft, your clients will turn to you for advice on how the loss may impact their tax returns and business affairs. This page provides you with guidance and tools to help your clients.  

The AICPA continues its advocacy efforts in support of our permanent tax disaster relief recommendations. See our advocacy page for our latest efforts.


News Alert

Our thoughts are with those affected by Hurricane Michael and Hurricane Florence. Download a resource list for FloridaNorth Carolina and South Carolina to help your business and clients today.

The IRS announced it will extend tax deadlines for some taxpayers affected by Hurricane Michael and Hurricane Florence. Learn more at the IRS’s Tax Relief in Disaster Situations page and use this State Tax Filing Guidance.

FinCEN announced that those affected by Hurricane Florence have until Jan. 31, 2019 to file their FBAR reports and those affected by Hurricane Michael have until Feb. 28, 2019 to file their FBAR reports for the 2017 calendar year.

Checklists, Practice Guides and Templates

  • Casualty Loss Practice Guide: Discusses rules for casualty losses and deductions for involuntary conversions and provides information on relevant IRS publications. (Note: This guide does not include any legislative changes affecting the deductibility and calculation of casualty losses enacted after September 2014.)
  • Disaster Financial Issues: Comprehensive, interactive guide developed to help people take proactive steps to minimize the potential impact of disasters.

Videos, Webcast Archives and Other Media

Disasters and Taxes: Understanding Tax Relief for Disaster Victims: Webcast archive from June 2017 that helps practitioners navigate tax issues resulting from a natural disaster.

Articles

IRS, State Agency and Other Resources

Reviewed Sept. 25, 2018