John Trapani, CPA

Putting The Pieces Together For You

(805) 497-4411

2975 E. HILLCREST DRIVE

THOUSAND OAKS, CA 91362

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Visit our blog at Accountant For Disaster Recovery

 

For more than 20 years I have assisted taxpayers who have experienced a disaster.

People have found this information so valuable that I established a blog to help people  prepare in advance of a disaster (which, of course, we hope does not occur) and recover from a disaster if they experience one.

Below are recent blog topics and links to the blog articles.

Income Taxes and Disasters — 2012 Year End Summary

Was 2012 a big year for disasters? Well it depends on how you look at it. There were 47 declared disasters in 2012. Fourteen years, starting with 1953 exceeded the 47 count. Ten of the fourteen fell in the period between 2002 and 2011. Three occurred between 1996 and 1999. The first year that exceeded 47 declarations was Read more

Professional Course For CPA Colleagues: Disaster Recovery Income Tax Reporting And Income Tax Benefits

Recently, the Director of Education, Hayden Williams, CPA, at the Washington State CPA Society determined that a class on Disaster Recovery issues was needed for his constituent CPAs.

Consequently, we have developed a class for Washington State CPAs:

DISASTER RECOVERY Income Tax Reporting and Income Tax Benefits 

The seminar is tentatively planned to be offered both online and at the Society’s Learning Center in Bellevue, Washington — enrollment date to be determined.

The Washington CPA Society website describes the class as follows: Read more…

Categorized under: Education, IRS Guidance, Tax Advice

October 27, 2014

Tax Advice For Anyone Experiencing A Loss In The Napa Earthquake

For more in-depth advice, visit AccountantForDisasterRecovery.com

Our hearts go out to anyone who has experienced the Sunday morning, Napa Valley earthquake. Although news reports have emphasized that injuries are at a minimum, the extent of property damage is yet to be determined. The area is home for many older historic structures that may not be earthquake safe.

I have spent years studying the tax and financial aspects of recovering after a disaster. My interest in the subject stems in part from having personally experienced a major loss as a result of a large disaster — the 6.7 magnitude Northridge earthquake in 1994.

One thing I learned is that when a disaster strikes, Read more…

Categorized under: Disaster Tax Services, Following A Disaster, Tax Advice
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August 25, 2014

“I Have a Casualty Loss – Will It Prompt An IRS Audit?”

As a local accountant, I have clients in Westlake Village and throughout the Conejo Valley. As we all know, in our area we’re subject to a variety of disasters – fires, floods and good old-fashioned earthquakes.

It’s difficult enough dealing with these disasters – repairing and rebuilding as necessary. If you have good insurance in place, then the job becomes much more manageable. But even with insurance you’re often left with a casualty loss. In this case, one of the common questions I hear is, “Will filing a casualty loss prompt an IRS audit?”

Good question! And the quick answer is – no one knows! No one, that is, outside of the IRS – and they ain’t talking.

Still, we have indications of the process the IRS uses to select audits, and I’ve written more about this on my Accountant For Disaster Recovery blog.

Categorized under: IRS Guidance, Tax Advice
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July 31, 2014

Roadmap To Recovery: Post-Disaster Income Tax Issues

During February, 2014 I gave a series of talks in Larimer, Boulder and El Paso Counties, Colorado, detailing disasters and subsequent income tax issues. The following video is from the El Paso County presentation. If you have questions or comments, please call me at (805) 497-4411. Thank you — John Trapani, CPA.

Categorized under: Disaster Tax Services, Following A Disaster, Tax Advice
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February 16, 2014

Providing Specialized Consultation Services For Tax Professionals

Providing Specialized Consultation Services for Tax Professionals

At the offices of John Trapani CPA, we work with tax professionals in variety of ways. As a Thousand Oaks, California-based accountant, I of course work personally with clients in Thousand Oaks, Westlake Village and throughout the Conejo Valley. I also consult by phone with clients nationally, calling on my expertise in disaster recovery and tax issues related to disaster recovery.

We offer services to tax professionals for advice, interpretation, application and reporting. We can work directly Read more…

Categorized under: Disaster Tax Services, Tax Advice
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July 28, 2013

Tax Advice: Hurricane Sandy

 

News & Tax Advice From One of America’s Leading Disaster Recovery Specialists

People may be well on their way to recovering from Hurricane Sandy, but the after effects don’t end with clean up and reconstruction.

Tax Advice For A Disaster Such As Hurricane Sandy

Tax consequences following a disaster are complicated. And with April 15 fast approaching, now is the time to make sure you have considered tax ramifications of Read more…

Categorized under: Following A Disaster, Tax Advice
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March 22, 2013

Tax Advice For Disaster

 

Tax Advice Following A Disaster

The reality is that it is best to have a plan to recover from a disaster before one occurs. But that is often not the case. If you have experienced a disaster — anything from a fire or flood to an earthquake or tornado — the first thing to do is ensure your and your family’s personal safety. Here are some tips for action immediately following a disaster.

If you haven’t developed an action plan for financial recovery — including the steps you’ll need to take in regard to filing your tax returns — then here are the basics. You can find more at our blog: Accountant For Disaster Recovery.

Recovering important records and documents

• Move quickly to

Read more…

Categorized under: Following A Disaster, Tax Advice
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March 15, 2013