It has been a banner year for natural disasters. Whether you suffered from flood or flame, you need to know what disaster tax relief is available and how to get it.
Disaster Tax Relief
Disaster Tax Relief, Hurricane Relief Legislation and Related Tax Provisions, provides federal and state tax guidance on naturally caused losses. Specifically, Chapter 1 covers disaster tax relief enacted in Title V of the Disaster Relief and Airport and Airway Extension Act of 2017 (P.L. 115-63). This relief included lifting limitations on retirement plan withdrawals, charitable contributions and assorted other federal tax provisions. In addition, the book covers federal and state administrative guidance allowing for the late-filing of certain returns, penalty abatement and temporary elimination of certain taxes.
Also, the book discusses federal tax provisions relating to (1) claiming casualty losses; (2) exceptions from the casualty loss requirements for disaster losses; (3) involuntary conversions; (4) net operating losses of farmers; and (5) other federal tax provisions relating to weather-related losses. Additionally, specific state revenue laws that deviate from the federal treatment of disaster losses are also provided. The discussion emphasizes states that have been affected by large natural disasters in 2017.
Further, the book includes an appendix with a useful table of 2017 declared disaster areas and the text of Title V of the Disaster Relief and Airport and Airway Extension Act of 2017. Also included is a curated selection of Internal Revenue Code provisions relating to disaster and casualty losses, election and compliance statements, and client letters.
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Disaster Tax Relief: Hurricane Relief Legislation and Related Tax Provisions, serves as a single source for disaster and casualty loss information and compliance. And, it is on sale now.
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