Disaster Relief


covid 19 tax updates for professional tax preparers

COVID-19 Updates for Professional Tax Preparers


This article was last updated at 4 p.m. EST on Thursday, April 16, 2020. The IRS officially announced that Tax Day is now July 15th. Because of the outbreak of COVID-19, many individuals are staying home, working remotely, and even avoiding social contact. As a professional tax preparer, you may be wondering how this will impact your…

Preparing for a Disaster – Casualty Losses and Disaster Assistance


The Tax Cuts and Jobs Act of 2017 changed the rules for deducting personal casualty losses that incurred after December 31, 2017. Beginning in 2018, in order to claim a personal casualty loss, the loss must be due to a federally declared disaster. Under prior law, allowable losses included personal losses that were not compensated for by insurance or other type…

Updated: IRS Extends the October 15 Filing Deadline for Victims of Hurricanes Michael and Florence


Update: IR-2018-202 The IRS has extended the October 15th filing deadline for additional counties impacted by Hurricanes Michael and Florence. The IRS notice states “Following FEMA declarations, the IRS has updated information on the Hurricane Michael page outlining additional counties now listed in Florida and Georgia for individual…