Friday, March 30, 2012

DON'T MISS THE APRIL 17TH DEADLINE TO FILE AND AMENDED RETURN


DON'T MISS THE APRIL 17TH DEADLINE TO FILE AND AMENDED RETURN

See new information posted March 29, 2017:
HOW DO YOU ELECT TO CLAIM LOSS IN YEAR PRECEDING “DISASTER YEAR”

 

There were 99 disasters in 2011.You can view the list and get details of each declaration at "http://www.fema.gov/news/disaster_totals_annual.fema."
You can also get a quick view of qualified federal disasters at “BEST WISHES TO THOSE WHO CONTINUE TO DEAL WITH DISASTER RECOVERY” on this blog.
If you have a deductible loss related to one of the 2011 declarations, you can claim the loss on either your 2011 or 2010 income tax return. By now your 2010 return should have been filed, so yu you would claim the loss in 2010 on an amended return for that year.
There is a looming deadline for making that election. April 17, 2011 is the deadline. There are no extension allowed to decide to claim a 2011 disaster loss on your 2010 return.
After April 17, 2011, you will only be able to claim the loss only on your 2011 return.
There are no limitations on who can make the election to deduct the disaster loss on either the 2010 or 2011 return, except that it must be one of the 99 disasters listed on the FEMA website.
If you need assistance in making the claimed deduction, IRS pub 547 can be useful.
If you still need help - send me an email.
BUT be careful. See other blog posts:
9-12-2011:  DON'T RUSH TO DEDUCT!

5-27-2011:  Why is the Cost of Repairs Method of Loss Valuation not the one to use?

7/16/2008:  Loss Valuation Cost of Repairs Method

6/18/2008:  Figuring the Loss – Market Value Method



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.


JOHN TRAPANI


Certified Public Accountant


2975 E. Hillcrest Drive #403


Thousand Oaks, CA 91362


(805) 497-4411       E-mail John@TrapaniCPA.com




Blog: www.AccountantForDisasteRrecovery.com


                                                                                                                      
                           It All Adds Up For You                     


  

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 on the date of the posting
© 2012, John Trapani, CPA,



Sunday, March 18, 2012

Winter 2012 Federal Disaster Declarations

Winter 2012 Federal Disaster Declarations


The winter weather has been brutal for people throughout the Midwest. Many other entries in this blog (www.AccountantForDisasterRecovery.com) provide tax assistance to those who have experienced these severe winter events. Below is a list as of March 18, 2012 of the federal disaster declarations. Go to the FEMA website (http://www.fema.gov/news/disasters.fema?year=2012) and select the county that you live in to see the details of the declaration that applies to your situation.

The FEMA declaration number and the date that you experienced the event should be included in your tax return. While you may be entitled to a tax deduction that you can claim on an amended 2011 tax return, see “Don’t Rush To Deduct” if you have insurance. Your insurance coverage should be exhausted before you look to tax deductions to recover any financial loss.
Bottom of Form
Major Disaster Declarations
Number
Date
State
Incident Description
03/16
Tennessee
03/16
West Virginia
03/09
Indiana
03/06
Kentucky
03/05
Washington
03/02
Oregon
02/02
Alaska
02/01
Utah
02/01
Alabama
01/06
Massachusetts

If you do have a loss, see other entries in this blog, specifically,
2/9/2012
HOW DO YOU TREAT PUBLIC ADJUSTER’S FEES
11/21/2011
Was it a Casualty Loss or an Involuntary Conversion Gain
10/12/2011
Mudslide – Is this a casualty loss?
10/7/2011
THE PROCESS OF RECOVERY – POR
9/12/2011
DON'T RUSH TO DEDUCT!
5/27/2011
Why is the Cost of Repairs Method of Loss Valuation
5/19/2011
WHAT ARE THE INCOME TAX ISSUES IN THE PROCESS OF RECOVERY
3/29/2010
ARE BUSINESS LOSSES DIFFERENT?
3/29/2010
DON'T MISS THE APRIL 15TH DEADLINE TO FILE AND AMENDED RETURN
4/2/2009
Documentation
7/21/2008
Personal Property Losses – Difficult Situation or No Problem
7/16/2008
Loss Valuation Cost of Repairs Method
6/18/2008
Figuring the Loss – Market Value Method
6/12/2008
Should You Buy a Replacement Home?
6/4/2008
DISASTER RECOVERY OUTLINE OF TAX TOPICS OF CONCERN
5/3/2008
10 Actions to take after a Disaster
4/30/2008
Don’t be a Victim

A FEMA disaster declaration opens up a section of the Federal Internal Revenue Code with tax benefits that can assist you with your recovery. Even if your county is not covered, the Internal Revenue Code still provides benefits that can ease your situation.


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.


JOHN TRAPANI


Certified Public Accountant


2975 E. Hillcrest Drive #403


Thousand Oaks, CA 91362


(805) 497-4411       E-mail John@TrapaniCPA.com




Blog: www.AccountantForDisasteRrecovery.com


                                                                                                                      
                           It All Adds Up For You                     


  

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 on the date of the posting
© 2012, John Trapani, CPA,