Blog Archives

Reporting Casualties Under the New US Personal Income Tax Regimen – Thefts Not So Much

The Perturbing New Treatment of Patents Under the Tax Cut & Jobs Act (TCJA)

The new Tax Cuts and Jobs Act (TCJA) amends Internal Revenue Code Section 165 further restricting our ability as individual taxpayers to write off CASUALTY LOSSES going forward solely to 'disaster areas' as declared by the POTUS. Say whaaaat ?!?!?!?!?!?!?!? Effective immediately this new restriction

Tagged with: ,
Posted in Casualty Loss, Theft Loss

Disaster Losses Including Casualty and Theft IRS Publication 547 – IRS Form 4684

If you take one look at FEMA’s website, it’s clear that we are going to see a significant increase in the number of casualty losses going forward. Should you find yourself a victim of a disaster or a casualty or theft loss it is

Tagged with: , , , ,
Posted in Casualty Loss, Disaster Loss, Theft Loss

Casualty and Theft Loss – IRS Form 4684

Your vehicle was hit by hail and the insurance company agreed to compensate you $4,600 AND allow you to keep the vehicle AND not issue you a salvage title.  In most situations this is non reportable.  However not always.  This

Tagged with: , , ,
Posted in Casualty Loss, Theft Loss

Identity Theft and Your Taxes

Taxpayers need to be careful to protect their personal information. Identity thieves use many methods to steal personal information and then they use the information to file a tax return and get a refund. Here are 10 things the IRS

Tagged with:
Posted in Theft Loss

Casualty, Disaster and Theft Loss Deduction

Losses incurred because of a casualty, disaster, or theft may be tax-deductible. Casualty and theft losses are reported on Form 4684 and Form 1040 Schedule A. Casualty Loss A casualty is the loss of property (including damage and destruction) because

Tagged with: , , , ,
Posted in Asset Classification, Casualty Loss, Disaster Loss, Theft Loss

Help for Victims of Ponzi Schemes

The Perturbing New Treatment of Patents Under the Tax Cut & Jobs Act (TCJA)

Regarding help for victims of Ponzi schemes, The IRS provides two items of guidance to help taxpayers who are victims of losses from Ponzi-type investment schemes. Revenue Ruling 2009-9 provides guidance on determining the amount and timing of losses from

Tagged with: ,
Posted in Tax Fraud, Tax Guidance & Preparation, Theft Loss

Deducting Theft Losses From Ponzi Schemes

The Perturbing New Treatment of Patents Under the Tax Cut & Jobs Act (TCJA)

Deducting Theft Losses From Ponzi Schemes, a topic near and dear to my heart. The IRS released Rev. Rul. 2009-9 addressing the tax treatment of "Ponzi" scheme losses, and Rev. Proc. 2009-20 which provides safe harbor options for deducting these

Tagged with:
Posted in Tax Fraud, Tax Guidance & Preparation, Tax Problems & Requests, Theft Loss

Identity Theft + the IRS what you need to know

1. If you receive a letter or notice from the IRS which leads you to believe someone may have fraudulently used your Social Security Number, respond immediately to the name and address or phone number printed on the IRS notice.

Tagged with:
Posted in Theft Loss

Identity Theft – impact on personal taxes

The IRS has created a special unit if you or your clients believe you are the victim of identity theft. The hotline provides assistance for individuals who believe they may be a victim of identity theft with no known tax

Tagged with:
Posted in Theft Loss
Subscribe via Email

Schedule an Appointment
QuickBooks Advanced Certified ProAdvisors Online

QuickBooks Certified ProAdvisor - QuickBooks Online Advanced Certification