The Mann Report published an article by Tax Director Daniel Smith, about accelerating the deduction of disaster losses.
The Mann Report
By Daniel Smith, Director, Tax & Business Services
Taxpayers who have already filed their 2019 federal tax return can file an amended return to make the Section 165(i) election to accelerate casualty losses sustained in 2020 into 2019. The taxpayer has six months from the date the original tax return was due, without filing extensions, to file an amended return.
Coronavirus Resource Center
Have more questions about the impact of the coronavirus on your business? Visit Marcum’s Coronavirus Resource Center for up-to-date information.