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”
