Assisting Disaster Survivors (Individual Chapter from Effectively Representing Your Client Before the IRS, 7th Edition)

    Assisting Disaster Survivors (Individual Chapter from Effectively Representing Your Client Before the IRS, 7th Edition)

    Assisting Disaster Survivors (Individual Chapter from Effectively Representing Your Client Before the IRS, 7th Edition)

    This chapter addresses common tax law issues faced by disaster survivors and resources for helping them.

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    This is a downloadable chapter from Effectively Representing Your Client Before the IRS, 7th Edition.

    Millions of Americans are affected by disasters each year. There were, on average, about 60 federally declared disasters per year from 2001 to 2010, and 90 per year from 2011 to the present. Common disasters include fires, earthquakes, tornadoes, hurricanes, floods, and terrorist acts. In America, about 90 percent of natural disasters involve flooding. The Code provides some general tax relief for all casualty survivors, but Stafford Act disasters and other "qualified disasters" within the meaning of section 1393 trigger additional federal tax relief provisions providing more favorable tax treatment.

    Generally, recovery from a disaster involves several phases, each of which may generate tax law problems. For example, the first phase of disaster recovery involves obtaining government assistance, filing insurance claims, securing loans, and accessing retirement accounts. Later phases may include assessing the tax consequences of disaster relief payments, disaster grants, disaster compensation in environmental disasters, foreclosures, demolitions, debt cancellations, and bankruptcies. This chapter addresses common tax law issues faced by disaster survivors and resources for helping them.

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    Product Details

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    Section of Taxation

    Page Count

    31

    Product Code

    5470821PDF24

    Publication Date

    3/6/2018 12:00:00 AM

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