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Tax matters for disaster losses
June 17, 2025 @ 1:00 pm – 2:00 pm EDT
There are three levels for deducting losses from federally declared disasters, we will discuss how to identify each case and evaluate what each taxpayer is eligible for. Specific federal tax benefits available for federally declared disasters, may include adding the casualty loss to the standard deduction or choosing to claim the casualty loss in the prior tax year. We will also review the provisions of the new bill H.R. 5863, signed into law on December 12, 2024, which extends the rules for the treatment of certain disaster-related personal casualty losses and provides tax relief for losses due to a federally declared disaster as a result of any forest or range wildfire. It also details exclusion from income payments related to these disasters and extends the statute for claiming refunds related to disasters specified in the bill to one year from date of enactment.
You will learn how to:
- Identify which disasters qualify for relief under the new federal disaster loss bill and the expanded statute of limitations for some refunds.
- Understand the specific tax relief benefits available under the bill and under other federal disaster regulations.
- Determine the best timing and method to file for claiming a federal disaster loss deduction for each client.
- Understand the three levels of tax benefits available for different federal disaster losses.
- Identify the level of each federally declared disaster and how to confirm it.
Delivery Method: Group Internet
Course Level: Basic
Field of Study: Business Management & Organization
Prerequisites: None
This course is approved for 1 CPE credit. Please note that CPE credits are only available for live attendance (on-demand viewing is not eligible).
