Federally Declared Disaster Guidance 2024

Overview

Natural disasters, whether we are talking about hurricanes in the South, tornadoes in the Midwest, or wildfires in the West, have been increasing in frequency and cost. How can you help your clients prepare for disasters and obtain federal, state, and local relief after they occur? This course explores disaster preparedness, risk management, and the tax reporting of casualty losses and involuntary conversions.

Highlights

• Preparing for a disaster with a risk assessment and emergency fund
• Insurance and other risk management tools
• Above- and below-the-line deductions for casualty losses
• Tax deferral using involuntary conversions
• Tax-free and penalty-free distributions from retirement plans
• Disaster checklists, procedures, and processes
• Helping individuals and communities recover

Prerequisites

None

Designed For

CPAs, attorneys, enrolled agents, finance professionals, insurance professionals, professional staff, and non-profit personnel.

Objectives

• Identify the natural disaster risks in your and your client's lives and the risk management tools available
• Recognize when a deductible casualty loss and involuntary conversion have occurred and where to report them on Form 1040
• Review the checklists, procedures, and processes your clients and their communities can use to recover

Preparation

None

Notice

This course is provided by a third-party vendor. Please note that login instructions will not be available in the ‘My Upcoming CPE’ section of the NESCPA website. Instead, the login instructions will be sent directly to you via email by the California Education Foundation (CalCPA). Upon completing the course, your hours will be recorded in the ‘My CPE Tracker’ section of the NESCPA website.