January 7, 2021

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

The Mann Report published an article by Tax Director Daniel Smith, about accelerating the deduction of disaster losses. Paycheck Protection Program

Excerpt:

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.

Click here to read a PDF version of the article >>

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Daniel  Smith

Daniel Smith

Director

  • Tax & Business
  • Boston, MA