Archives for November 2017

Introduction Our goal is to provide useful tax and financial information to those affected by major casualties and disasters, and their advisors. ((See generally these tax rules: Sections 139(c)’ and 165(c)’, 7508A. If you are a tax professional, see “Disaster Relief Resource Center for Tax Professionals,” https://www.irs.gov/tax-professionals/disaster-relief-resource-center-for-tax-professionals.)) We mention the effects of Hurricane Harvey in and around Houston beginning in August, 2017, and Hurricane Irma that hit Florida and its environs soon after, and then the terrible fires in Northern California in October. Catastrophic disasters have been ongoing. Harvey has been described as the worst flood disaster ever in the continental United States. Just in and around Houston, FEMA believes some 68,000 homes were flooded. ((“Spared from Harvey’s worst,” Ralph Vartabedian and Ben Welsh, Los Angeles Times, 11/19/17, p. A17.)) On the heels of Hurricane Harvey, there has been … [Read more...] about Catastrophic Disasters –The CPA’s Expertise Can Help With Recovery And Planning