Experiencing hurricanes, fires, and other disasters is overwhelming. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, interviews disaster expert Jerry Schreiber, CPA, to discuss how CPAs can best support their clients through these events. Jerry answers the following questions:
What defines a casualty or disaster loss?
What are the primary authorities to figure out valuations, losses, etc.?
How has the insurance market changed over the years with claims, premiums, and deductibles?
How can CPAs best support clients facing a current or imminent disaster?
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If you are personally affected by disasters of any kind, please consider applying for assistance through the AICPA Benevolent Fund. If you’d like to help fellow members in need, you can make a contribution here.
The IRS has provided tax relief, including extended filing deadlines and dyed diesel penalty relief for taxpayers affected by Hurricane Ian; see the IRS’s Help for Victims of Hurricane Ian webpage for the latest updates. Additional information can be found on the IRS’s Tax Relief in Disaster Situations page and on the U.S. Small Business Administration’s Disaster Loan Assistance page.
This episode is brought to you by the AICPA’s Personal Financial Planning Section, the premier provider of information, tools, advocacy and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online at www.aicpa.org/pfp to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program.
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