Tax Relief Available for Victims of Natural Disasters - a podcast by edzollarstaxupdate@gmail.com

Given the disaster that has taken place on the Gulf Coast with
Hurricane Katrina and its aftermath, I’ve put together a quick
and dirty summary of some of the tax issues involved in casualty
losses and federally declared disaster areas that may be of use for
those of us who have clients that are located in the affected areas.
Note that since this was put together rather quickly, you should
confirm all of these details. I also added brief consideration of
the issues to be considered with off-site backups due to the risk of
a common disaster hitting both the original files and the backup—a
situation that, unfortunately, has likely happened to some businesses
in New Orleans.

A list of the federally
declared disaster areas can be found at the FEMA website, so that
you can determine the counties in Louisiana, Mississippi and Alabama
that are subject to these rules.

In related matters, the AICPA has posted a set
of resources for CPAs related to disaster recovery, as well as a
link to the document Disaster Recovery: A Guide to Financial
Issues that was written jointly
by the National Endowment for Financial Education, the American Red
Cross, and the AICPA, . As well, the AICPA has posted a page
linking to various
organizations to which contributions can be made to support
relief efforts.

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