Casualty Losses: Disaster Relief Act of 2024

CPE Credit:

Overview

Description:

Literally thousands of individual taxpayers may have increased deductions or exclusions from gross income as a result of the Disaster Relief Act of 2024! Casualty provisions of the Act are retroactive to December 19, 2019 through early 2025. Both low and high income taxpayers may benefit from the Act through exclusions of payments received as compensation for wildfire damages – retroactive to 2014! This course will review the provisions of this new act. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

Field of Study:

Taxes (1 CPE)

Instructor

Instructor:

Steven C. Dilley, CPA, JD, PhD

Additional Details

Who should attend:

CPAs and members in industry seeking an in-depth review of the Disaster Relief Act of 2024 and with clients experiencing casualty losses.

Program Level:

Intermediate

Program Content:

The major topics that will be covered in this course include:

Federal Disaster Relief Act provisions enacted in December, 2024
Comparison of personal use casualties with business/investment casualties
When to claim casualty losses
How to postpone casualty gains
Business casualty gains and depreciation recapture

Learning Objectives:

After attending this presentation, you will be able to…

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

Prerequisites:

Basic working knowledge of individual and business taxation.

Advanced Preparation:

None

Developed By:

Federal Tax Workshops, Inc

Format:

Group-Internet-Based

Course Code:

FTSDCLD1

Registration:

$55.00

Attendee Information

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