Federally Declared Disasters

Along with emotional and physical consequences, disasters often have tax consequences for affected taxpayers. You can play an important role in helping your affected clients with the ensuing tax issues. Here we’ll cover tax deadlines following a disaster, benefits from deductions due to losses, and the processes and forms required to report taxable gains.

Revision Date: April 2024

$16.00
  

Prerequisites

Prerequisites are not necessary to participate in this course and no advance preparation is needed.

Course Description

In addition to emotional and physical consequences, disasters often have tax consequences for affected taxpayers.

Experienced tax preparers can play an important role in helping affected clients with the ensuing tax issues.

Clients may learn that tax deadlines have been postponed. Some clients may also benefit from deductions due to losses. However, there are certain cases where clients are required to report taxable gains.

After completing this course, you will be able to:

  1. Identify the types of casualty losses that pertain to federally declared disasters.
  2. Prove, figure, and report gains and losses from federally declared disasters.
  3. Determine whether filers are eligible for postponements of tax deadlines due to federally declared disasters.

CPE Facts

Affiliation* CPE Awarded Delivery Method Field of Study Course ID Sponsor ID
NASBA 1 Self-Study Taxes N/A 103137
CTEC 1/0 Self-Study Federal Tax Law 3038-CE-0342 3038
IRS 1 Self-Study Federal Tax Law FQTGU-T-00656-24-S FQTGU
Texas State Board of Accountancy 1 Self-Study Taxes 100403 002921
Pennsylvania State Board of Public Accountancy 0.5 Self-Study (Non-Interactive) Taxes N/A

* Individuals with other professional credentials should check with their state licensing board or accrediting organization to determine if this program meets their continuing education requirements.

Other Details
Last Revision April 2024
Course Expiration The CPE portion of this course expires one year from date of purchase
DrakeCPE Course Policies and CPE Affiliations