Q&A with the Tax Master of Disaster Jerry Schreiber
Send your disaster-related tax questions to DisasterRecovery@lcpa.org. Jerry will post answers to frequently-asked questions on an ongoing basis. Bookmark LCPA's Disaster Resource Center page and check back often.
- Are there any tax benefits to someone who is allowing a flood victim to live with them until they are able to find temporary housing or return home?
View Jerry's Frequently Asked Questions (as of 1/13/16)
Disaster Recovery Resources
AICPA Casualty Loss Practice Guide
Code Section 7508A – Authority to postpone certain deadlines by reason of Presidentially declared disaster or terroristic or military actions (Source: Cornell University Law School, Legal Information Institute)
7508A-1 Regulations – Postponement of certain tax-related deadlines by reasons of a federally declared disaster or terroristic or military action. (Source: Cornell University Law School, Legal Information Institute)
Regulation 1.165-1 – Losses (Source: Cornell University Law School, Legal Information Institute)
Regulation 1.165-7 – Casualty losses (Source: Cornell University Law School, Legal Information Institute)
Regulation 1.165-11T – Election in respect of losses attributable to a disaster. (Source: Cornell University Law School, Legal Information Institute)
IRS Publication 584 Casualty, Disaster, and Theft Loss Workbook (Personal-Use Property)
Jerry's Loss Calculation Excel Worksheet for Publication 584
LDR Disaster Resources
Insurance Company Claims Filing Telephone Numbers
LCPA Tax Alerts – Be sure to reference our archive of federal and state Tax Alerts.
Financial Assistance for AICPA Members
The AICPA Benevolent Fund was established in 1933 by members of the American Institute of CPAs for the purpose of assisting AICPA members through temporary periods of financial difficulty. The Fund provides assistance with meeting daily subsistence (living) expenses, financial hardship brought on by natural disasters and medical and prescription expenses that exceed insurance coverage brought about by serious illness, an accident, or the death of the primary source of family income.
If you or someone you know are in need of assistance please direct them to the
Benevolent Fund Resource Center on the AICPA.org site or call 866.527.2228.
Watch a short video on the Benevolent Fund by LCPA Member and President, AICPA Benevolent Fund Board of Trustees, Lonnie Stockwell, CPA.
Disaster Recovery Agencies and Other Online Resources
Disaster Assistance Forum
We’ve set up an online community for people to connect with each other on flood-related issues. Feel free to reply to an existing discussion or start a discussion of your own.