Course Content
Description: Literally thousands of individual taxpayers may have increased deductions or exclusions from gross income as a result of the Disaster Relief Act of 2024! Casualty provisions of the Act are retroactive to December 19, 2019 through early 2025. Both low and high income taxpayers may benefit from the Act through exclusions of payments received as compensation for wildfire damages — retroactive to 2014! This course will review the provisions of the this new act.
Learning Objectives:
- Implement practical strategies based on a thorough understanding of the complex rules for casualty losses resulting from the recent passage of the Disaster Relief Act of 2024.
- Apply key compliance issues
- Identify significant issues in the casualty loss tax form and steps in filing a Form 1040-X
Major Subjects:
- Federal Disaster Relief Act of 2024 provisions enacted in December, 2024
- How to claim casualty losses on an amended return
- The intricacies of Form 1040-X
- How to identify situations available for an increased casualty loss deduction.
- Comparison of personal use casualties with business/investment casualties
Who should attend: CPAs and members in industry seeking an in-depth review of the Disaster Relief Act of 2024 and its implications for taxpayers.
Program Level: Intermediate
Developed By: Federal Tax Workshops, Inc.
Instructor: Steven C. Dilley, CPA, JD, PhD
CPE Credit: 1 hour
Field of Study: Taxation
Prerequisites: A basic working knowledge of individual and business taxation.
Advanced Preparation: None
Steven C. Dilley, CPA, JD, PhD
Steve is President of Federal Tax Workshops, Inc., where for over 40 years, he has developed and presented continuing education seminars and webinars on tax, accounting and ethics topics for accountants and attorneys throughout the country. He is nationally known for his knowledge of the financial, accounting, and tax problems of the closely held business and has published numerous articles on these topics.
In addition, Steve is a Professor Emeritus of Accounting at Michigan State University, East Lansing, where he taught tax accounting. He has been received the “Distinguished Achievement in Accounting Education Award” in Michigan, as well as the MSU Accounting and Information Systems Department Outstanding Teacher Award.
Course materials are only available to students enrolled in the course.