Road to recovery — Primer on disaster tax relief | Tax Section Odyssey
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Road to recovery — Primer on disaster tax relief | Tax Section Odyssey

11 days ago · 19 min listen

Explore the tax universe.

Subscribe to the Tax Section Odyssey podcast series wherever you listen to your podcasts and check out our library of past episodes.

In this episode

The impact of disasters can be life changing. Fortunately, special tax law provisions may aid in the recovery efforts for individual taxpayers and businesses alike. Depending on the circumstances, the IRS may grant additional time to file returns and pay taxes. Victims may also be able to deduct casualty losses that occurred.

In this Tax Section Odyssey podcast episode, Jerry Schreiber, CPA, partner at Schreiber & Schreiber in Louisiana, the recipient of the AICPA’s 2018 Arthur J. Dixon Memorial Award and dubbed the “Master of Disaster,” along with Amy Miller, JD, CPA, Senior Manager — AICPA Tax Policy & Advocacy, Association of International Certified Professional Accountants, representing AICPA & CIMA, join April Walker, CPA, CGMA, Lead Manager — Tax Practice & Ethics, Association of International Certified Professional Accountants, representing AICPA & CIMA, to discuss tax-related disaster relief and insights to resources available for taxpayers and their CPA practitioners.

What you’ll learn in this episode

  • Top AICPA member concerns during disasters (1.18)

  • How tax relief is applied if either the CPA practitioner or the client is not located in the disaster area (2.30)

  • Summary of the steps CPA practitioners can take to help clients impacted by a disaster (3.38)

  • Tax-deductible charitable contributions (7.17)

  • How CPA practitioners can assist their business clients in disaster situations (11.18)

  • AICPA advocacy efforts in the disaster arena (12.36)

  • Helpful resources in times of disasters (16.28)

AICPA resources

  • Disaster Tax Relief Guidance and Resources — Provides answers to frequently asked questions (FAQs) concerning a disaster, casualty or theft; how these events may impact a client’s tax returns and business affairs and a list of valuable resources to help navigate the complexities of a disaster.

  • Disaster financial issues tools to help with disaster recovery — Tools included on this page include the Disaster and Financial Planning Guide and Disaster and Financial Planning Guide Checklists by the American Red Cross.

Other resources

Keep your finger on the pulse of the dynamic and evolving tax landscape with insights from tax thought leaders in the AICPA Tax Section. The Tax Section Odyssey podcast includes a digest of tax developments, trending issues and practice management tips that you need to be aware of to elevate your professional development and your firm practices.

This resource is part of the robust tax resource library available from the AICPA Tax Section. The Tax Section is your go-to home base for staying up to date on the latest tax developments and providing the edge you need for upskilling your professional development. If you’re not already, consider joining this prestigious community of your tax peers. You’ll get 15 hours of free CPE, access to rich technical content such as our Annual Tax Compliance Kit, a weekly member newsletter and a subscription to The Tax Adviser.

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