How to Report Casualty Losses, Disasters & Settlements under taxes 2 Credits
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News-making disasters affect your clients’ tax returns.Â
Relief is available to taxpayers who’ve suffered these losses, but achieving that relief requires understanding and applying the applicable rules. There are also significant developments with the IRS in the area of casualty losses and getting those losses properly reflected on Form 4684.
Taxpayers who have suffered losses in declared disaster areas may have opportunities to generate immediate cash savings as well as reduce current tax liabilities. This requires fully understanding the definitions of and rules surrounding casualty losses and properly applying them. These rules are complex and documentation is difficult, especially when many clients have lost all their records.
This CE Tax Course will cover deducting casualty losses inside and outside of federally declared disaster areas and will also review tax relief for taxpayers affected by the recent disasters. Although the TCJA eliminated personal casualty losses for the years 2018 - 2025, business casualty losses remain deductible, and personal losses within federally declared disaster areas remain deductible.
This CPE webinar will review the deductible portion of losses, insurance proceeds, settlements, and other relief received that affect the deductible of the losses. It will also include tips on filing Form 4684 and properly reflecting the losses on both personal and business returns.Â
Key topics discussed in this webinar:Â
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MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478
MY-CPE LLC (Sponsor Id#: GEHNZ) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering aintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary.
MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478
MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors.
Lawrence Pon is a Certified Public Accountant, Personal Financial Specialist, Certified Financial Planner, Enrolled Agent, United States Tax Court Practitioner, and Accredited Estate Planner in Redwood Shores, CA
Mr. Pon has been in tax practice since 1986 and speaks regularly to tax professionals and financial advisors on the latest tax planning and preparation topics.
Mr. Pon enjoys helping his clients reach their financial goals through comprehensive tax planning and financial planning.
Mr. Pon received his BS in Business Administration (Accounting & Finance) from UC Berkeley and MS in Taxation from Golden Gate University in San Francisco.
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A Live Webinar Group Internet-Based Credit is an interactive, real-time online seminar where professionals can earn Continuing Education credits by participating in live sessions led by experts in various fields. These sessions meet the standards set by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.
To earn credits, you must attend the entire live webinar, actively participate in any polls or questions, and complete any required evaluations or assessments. Credits are awarded based on your attendance and participation in the live session.
Yes, all our live webinars are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the high standards for quality, interactivity, and educational content set by these organizations.
To maintain compliance, you must adhere to the guidelines set by NASBA and other regulatory bodies, which include attending the full duration of the webinar, participating in interactive elements, and completing any post-webinar evaluations or assessments.
After successfully attending a live webinar and fulfilling all participation requirements, you can access and download your completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.
We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.
RG
Mr. Pon is an excellent presenter and covered this topic thoroughly and in easy to understand manner. I learned about things that I previously was not too sure of. Even though the information was voluminous, I know I will be able to look back at his handouts and deal with these matters effectively in real life situations.
DK
This was a really good course in light of all the recent weather and fire disasters we have experienced, not to mention PONCE schemes that still happen.
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