THE PROCESS OF RECOVERY - POR
After experiencing a physical catastrophic event, taxpayers have a number of new tasks and responsibilities to accomplish. Starting with finding a safe place for family and pets, then you must commence the process of recovery. Debris removal is next, including searching for mementos and heirlooms.
Although it is not your first choice, you must quickly understand and accept that you will have to make major financial decisions about assets in which your emotional investment equals or exceeds your financial investment. It will be hard, I extend my heart-felt concerns for your best possible outcome.
You will be working with and need the assistance of many new experts that you have not dealt with before. Check their credentials.
Today, an extensive discussion THE PROCESS OF RECOVERY after you experience a physical catastrophe has been posted in nine new permanent pages on this blog. The pages are labeled with initial initials “POR.”
The IRS has a number of useful booklets for taxpayers who experience a catastrophic physical event. The IRS has combined a number of these separate publications in two publications,
2194 for individuals and 2194b for businesses.
The booklets can be accessed on the IRS website at www.irs.gov.
This material was contributed by John Trapani. A Certified Public Accountant who has assisted taxpayers since 1976, in analyzing and reporting transactions of the type covered in this material.
Internal Revenue Service Circular 230 Disclosure
This is a general discussion of tax law. The application of the law to specific facts may involve aspects that are not identical to the situations presented in this material. Relying on this material does not qualify as tax advice for purpose of mounting a defense of a tax position with the taxing authorities
The analysis of the tax consequences of any event is based on tax laws in effect at the time of the event. This material was completed October 2011.
© 2011, John Trapani, CPA,
All rights to reproduce or quote any part of the chapter in any other publication are reserved by the author. Republication rights limited by the publisher of the book in which this chapter appears also apply.
Certified Public Accountant
2975 E. Hillcrest Drive #403
Thousand Oaks, CA 91362
(805) 497-4411 E-mail John@TrapaniCPA.com
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