casualty loss deduction Archives

IRS Announces Tax Relief for Taxpayers Impacted by Memorial Day Weekend Storms

Posted on June 18, 2024 by Rachael McGrew

In light of the Memorial Day weekend storms, straight-line winds and tornadoes that have affected our Northwest Arkansas communities, we wanted to provide some important information regarding IRS tax relief and the qualified disaster loss rules that may apply to you. IRS Postpones Certain Deadlines The IRS has announced that they will postpone certain tax

Casualty Loss Deductions may be Available for Damage Caused by Riots

Posted on June 9, 2020 by Andrew Litchford

A business may be able to claim casualty property loss or theft deductions caused by riots on its tax return. Here’s how a loss is figured for tax purposes.