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Learn how to properly determine the casualty losses and gain and, when required, how to report the casualty loss on Form 4684; Gain knowledge on what you need to know to better assist your client affected by a casualty loss in a natural disaster such as a major fire; Understand the recovery process, documentation, decisions, compliance reporting content, and deadlines related to a casualty.
*Develop understanding of “Big Picture”
*Differentiate between a Federally Declared Disaster that “opens” the tax code with special benefits and other events that present additional restrictions
*Assist clients report the tax consequences of a disaster
*Recognize a Casualty Loss from and Involuntary Conversion
*FEMA declarations and the tax code
*Cautions regarding use of IRS Pub 547 – IRS words and phrases
*Casualty Losses
*Involuntary Conversions
*Business and Investment property differences
*Special situations, death and divorce
*Statute of Limitations
*Significant court cases and instructor’s experiences (case studies)
Basic income tax competency
Tax Professionals who have one or more clients affected by a major property loss