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Casualties, Disasters & Settlements

Casualties, Disasters & Settlements

2 Credits

$20

Subject Area

Taxes

Webinar Qualifies For

2 CPE credit of Taxes for all CPAs

2 CE credit of Federal Tax for Enrolled Agents ( IRS Approved : GEHNZ ) (Approval No. GEHNZ-T-00767-21-S)

2 CE credit of Federal Tax Subjects for California Tax Professionals (CTEC Approved - 6273) (Approval No. 6273-CE-0710)

2 CE credit of Annual Filing Season program (AFSP)( IRS Approved : GEHNZ )

2 CPD credit (Verifiable) for CPA/PFS

2 CE credit of Federal Tax for Maryland Tax Preparers (Approval No. GEHNZ-T-00767-21-S)

2 CE credit of Federal Tax for Oregon Tax Preparers (Approval No. GEHNZ-T-00767-21-S)

2 General Educational credit for Tax Professionals / Bookkeepers / Accountants

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Before starting this self study program, please go through the instructional document.

Overview

  • Disaster relief provisions of CAA, 2021
    2 mins
  • Determining nature of loss
    16 mins
  • Cost of repairs mehtod
    27 mins
  • Effect of insurance proceeds, settlements, and certain disaster relief
    40 mins
  • Limitations on personal casualty deductions
    60 mins
  • TIGTA critical of how IRS handles returns with casualty and theft loss deduction
    87 mins

Course Description

News-making disasters affect your clients’ tax returns.

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 CPE 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.

Learning Objectives

  • To define casualty losses.
  • To discuss how to time the loss deduction.
  • To analyze the calculation of loss and deduction.
  • To discuss section 1033 involuntary conversions.
  • To review the taxability of insurance proceeds, settlements, and other relief payments.
  • To analyze how to prepare Form 4684.

Who Should Attend?

  • Annual Filing Season Program
  • Bookkeepers & Accountants & Tax Preparers
  • California Registered Tax Professional
  • Certified Public Accountant
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Enrolled Agent
  • Maryland Tax Preparers
  • Oregon Tax Preparers
  • Tax Accountant (Industry)
  • Tax Attorney
  • Tax Director (Industry)
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Tax Preparer
  • Tax Professionals
  • Tax Pros
  • Young CPA

Testimonial

4.5

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