Federal Disasters - How to Deduct Personal Casualty Losses (1 hour)

Overview

Literally thousands of individual taxpayers may have increased deductions or exclusions from gross income as a result of the Disaster Relief Act of 2023 and OBBBA of 2025. Casualty provisions are retroactive to December 19, 2019 through late 2025. Both low and high-income taxpayers may benefit from RETROACTIVE AND CURRENT deductions. There are also exclusions of payments received as compensation for wildfire damages — retroactive to 2014! This course will review these provisions which can bring substantial tax savings to clients.

*Please Note:  If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to terri.storer@acpen.com

Highlights

• Federal Disaster Relief Act provisions enacted in December, 2024 and July, 2025
• Comparison of personal use casualties with business/investment casualties
• When to claim casualty losses
• How to postpone casualty gains
• Filled-in forms examples
• Time limits for amended returns 

Prerequisites

Basic working knowledge of individual and business taxation

Designed For

CPAs and members in industry seeking an in-depth review of casualty loss reporting

Objectives

• Implement practical strategies based on a thorough understanding of the complex rules for casualty losses and casualty gains
• Identify and recall key compliance issues
• Identify and recall significant issues in the casualty loss tax form

Notice

“Adding to Calendar” does not register you for this event. Please either register online by clicking “Add to Cart” or contacting OSCPA at 503-641-7200 / 800-255-1470, ext. 3. Thank you!