Disaster Relief Act of 2024

Overview

Literally thousands of individual taxpayers may have increased deductions or exclusions from gross income as a result of the Disaster Relief Act of 2023 and OBBA of 2025. Casualty provisions of these Acts are retroactive to December 19, 2019 through mid 2025. Both low and high income taxpayers may benefit from the Acts through deductions for casualty losses due to natural disasters that occurred years ago and now could result in large tax savings on amended returns.  There are also exclusions of payments received as compensation for wildfire damages - retroactive to 2014! This course will review the provisions of these Acts with filled-in forms and examples.

*Please Note:  If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to kori.herrera@acpen.com

Objectives

• Implement practical strategies based on a thorough understanding of the complex rules for casualty losses and casualty gains
• Identify and recall key compliance issues
• Identify and recall significant issues in the casualty loss tax form

Highlights

• Federal Disaster Relief Act provisions enacted in December, 2024
• Comparison of personal use casualties with business/investment casualties
• When to claim casualty losses
• How to postpone casualty gains
• Business casualty gains and depreciation recapture