THE PROCESS OF RECOVERY
- POR
After
experiencing a physical catastrophic event, taxpayers have a number of new
tasks and responsibilities to accomplish. Starting with finding a safe place
for family and pets, then you must commence the process of recovery. Debris
removal is next, including searching for mementos and heirlooms.
Although it
is not your first choice, you must quickly understand and accept that you will
have to make major financial decisions about assets in which your emotional
investment equals or exceeds your financial investment. It will be hard,
I extend my heart-felt concerns for your best possible outcome.
You will be
working with and need the assistance of many new experts that you have not
dealt with before. Check their credentials.
Today, an
extensive discussion THE PROCESS OF
RECOVERY after you experience a physical catastrophe has been posted in
nine new permanent pages on this blog. The pages are labeled with initial
initials “POR.”
The IRS has a number of useful booklets for taxpayers who
experience a catastrophic physical event. The IRS has combined a number of
these separate publications in two publications,
2194 for individuals and 2194b for businesses.
The booklets can be accessed on the IRS website at
www.irs.gov.
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
October 2011.
© 2011, John Trapani, CPA,
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
Website:
www.TrapaniCPA.com
Blog: www.AccountantForDisasteRrecovery.com
It
All Adds Up For You
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