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Description:

This book is for preparing 2022 taxes. Taxpayers who suffer a casualty, theft or disaster have a lot on their minds, and the last thing is probably their taxes. There are tax laws in place to offer help for loss victims, including those who could use their tax filing to obtain much-needed cash. Knowing this information sets you up to be a huge asset when preparing your clients’ Form 1040, C corporation (Form 1120), partnership (Form 1065) or S corporation (Form 1120-S) returns. This book helps tax professionals identify and report casualty, theft and disaster losses. Additionally, you will learn the tax provisions of insurance reimbursements, disaster assistance, disaster payments, record reconstruction and how to calculate the value of lost items.

View Table of Contents.

Topics include:

• Identifying casualty, theft, and disaster losses
• Determining how to handle insurance reimbursements and disaster payments
• Describing how to reconstruct a taxpayer’s records
• Calculating and report the loss on Form 4684, Casualties and Thefts
• Calculating the basis of replacement property

Product Details:

Item Number: 22353

Level: Basic

Authors: NATP Staff

Published: 2022

Format: Print - 62 Pages

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Corresponding CPE Courses:

Get the e-book FREE when you purchase the corresponding 2022 course when available.