Saturday, October 28, 2017

12 PERILS OF DISASTER INCOME TAX REPORTING




12 PERILS OF DISASTER INCOME TAX REPORTING





Here is important help when dealing with the income tax consequences of disaster recovery.

Available for the asking--based on my observations: a comprehensive guide that identifies 12 costly errors made by tax professionals who prepared Disaster-related income tax returns. Simply go to TrapaniCPA.com, CONTACT page, and request a free copy of “12 PERILS OF DISASTER INCOME TAX REPORTING.”

Here are the topics covered, which include cautions for tax professionals dealing with disaster income tax reporting:

1.   EACH CASE IS UNIQUE

2.   STARTING POINT FOR EXAMINING THE FACTS

3.   “PLAY THE MOVIE TO THE END OF THE REEL”

4.   UNDERSTAND INSURANCE COVERAGE

5.   EXPECTATION OF INSURANCE PROCEEDS

6.   TIMING THE REPORTING OF A LOSS

7.   DETERMINING COST BASIS

8.   VALUATION OF ASSETS BEFORE AND AFTER THE CASUALTY EVENT

9.   “DEEMED ELECTION TO REPLACE”

10.  CHANGES IN CIRCUMSTANCES

11.  OTHER CHANGES

12.  NET GAIN OR LOSS / §1231, “5 YEAR RULE”

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