Monday, October 6, 2014

DISASTER RECOVERY Income Tax Reporting and Income Tax Benefits Professional Seminar

DISASTER RECOVERY Income Tax Reporting and Income Tax Benefits  Professional Seminar

DISASTER RECOVERY Income Tax Reporting and Income Tax Benefits 

After speaking to over 400 taxpayers in three different Colorado counties earlier this year, in February, I attempted to assist taxpayers further by contacting the Colorado CPA Society to offer an 8 hour CPE course to the Colorado CPA community.

That did not work out.

But recently, the Director of Education, Hayden Williams, CPA, at the Washington State CPA Society determined that a class was certainly needed to his constituent CPAs.

The Class: 
DISASTER RECOVERY Income Tax Reporting and Income Tax Benefits 

November 12, 2014, Event start time: 8:00AM 
The seminar is offered both on-line and at the Society’s Learning Center in Bellevue, Washington. 

Below is the description from the Washington CPA Society website.

The course level is listed as basis as it assumes no prior knowledge of casualty or involuntary conversion tax law. However, the material goes into detail and explores the depths of the ways clients can “innocently” make major errors when the unique concepts of this area of the tax law are applied incorrectly or without understanding the consequences of each decision. 

Don’t forget, these events involve assets of major value and investment for all taxpayers involved in these tragic events.

CPE Credits: Tech/Taxes 8.00
Course Type: Seminar Instructor: Trapani John
Course Level: Basic (See above explanation of “Basis”)
Fees: Member - $305.00 NonMember - $385.00
Objectives: The objective of this material is to provide tax professionals with in-depth information on how to avoid the pitfalls in advance of delivering a tax return to a client where the taxpayer has experienced a catastrophic physical loss. 
Major Subjects: This course will prepare the CPA for the gamut of issues that arise in a disaster as well as individual losses and condemnations.

•Critical filing dates
•Is there a Loss or a Gain?
•Tax Year to Claim Loss?
•Sell & Buy or Rebuild?
•Replacement Rules?
•Reinvestment periods
•Realization vs. Recognition
•Qualified replacement property
•Deductions, restrictions and limitations
•Insurance basics and 
•More ...

The course materials include four PDF books and additional supporting materials:
Course outline for hands-on use during the course presentation
Summary discussion of the major topics, suitable to provide to clients (it is not packed with law, case and ruling citations)
A nearly 500 page technical text that includes all the law, case and ruling citations
Finally, a guide for appraisers 
The appraisers’ guide provides a communication device between CPAs and appraisers. The 75 page book does not deal with appraisal methods or practices that are the purview of a skilled and knowledgeable appraiser, but provides information the appraiser community needs of the issues that they should address in a casualty loss appraisal in order that the money being spent for their report is not wasted. 

The books will be provided to participants by the Washington CPA Society in PDF form on a thumb drive. The value of the books, by themselves exceeds $100.00. The PDFs are fully searchable and if you so desire and be printed or shared with other colleagues. The main technical text includes a detail table of contents of nearly 20 pages that makes access to specific topics and technical materials very easy.

I invite you to join us online for the class on November 12th. If you have any questions, please contact me directly.

Please check-out the course by linking to it using the URL below or going to the Washington CPA Society website and searching the Education section for the class “DISASTER RECOVERY Income Tax Reporting and Income Tax Benefits (15PRTRNV)” title or my name.

I have sent this notice to only 30 CPAs in Colorado whose name have come to my attention or who I have had contact with. If you believe the course would be useful to other CPAs, please let your Colleagues know about the offering.

When I was speaking to taxpayers in February, the Colorado Sprints presentation was recorded and is available on their YouTube channel at “
Or, search for “Post Disaster Income Tax Issues.”

The meeting was sponsored and presented by: “ElPasoCountyCO” as part of United Policyholders, Inc. “Roadmap to Recovery” program.

The video is also accessible on the United Policyholders website “”
The YouTube file has been viewed over 400 times.

Thank you for reading this email, I hope that you will join us on November 12th.

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