Casualty Losses: Disaster Relief Act of 2024

Literally thousands of individual taxpayers may have increased deductions or exclusions from gross income as a result of the Disaster Relief Act of 2024! Casualty provisions of the Act are retroactive to December 19, 2019 through early 2025. Both low and high income taxpayers may benefit from the Act through exclusions of payments received as compensation for wildfire damages - retroactive to 2014! This course will review the provisions of this new act.

This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

The major topics that will be covered in this course include:

• 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

Who will benefit:

CPAs and members in industry seeking an in-depth review of the Disaster Relief Act of 2024 and with clients experiencing casualty losses.

This webcast is hosted on CPA Crossing platform. Attendees will receive instructions on how to attend the webcast via e-mail.