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Casualties, Disasters & Settlements
IRS Program #: X9QQU-T-00800-21-S/O
Speaker: Larry Pon, EA
In this presentation, we will review the latest tax rules for Casualty Losses, Disasters, and the taxation of Settlements. Our clients have certainly gone through their share of casualties and disasters and may have even received settlements. We will review the proper tax treatments and the many questions we need to ask our clients. Although the Tax Act of 2017 eliminated personal casualty loss deductions for the years 2018-2025, business casualty losses remain deductible, and personal losses within federally declared disaster areas remain deductible.
- Deducting casualty losses
- Navigating Form 4684
- Determining Nature of Loss
- Federally Declared Disasters
- Definition of casualty
- Determine the amount of the loss
- Effect of insurance proceeds, settlements, and certain disaster relief payments
- When to report loss
This course qualifies for IRS Continuing Education Hours. NAEA reports IRS CE on a monthly basis. If you have not received your CE Hours in your IRS PTIN Account by the end of the month after receiving the certificate, please contact NAEA at email@example.com.
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