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

Attn: Colorado Taxpayers – Assistance For Those Recovering From Fires, Floods Or Mudslides

Have you experienced a disaster loss in 2012 or 2013?

John Trapani, CPA will be speaking in three Colorado cities on February 11, 12 and 13, 2014, covering topics of interest to those who experienced a disaster loss in Colorado in 2012 or 2013.

RSVP for these workshops at www.uphelp.org/RSVP

The recovery staffs of Larimer County, Boulder County, and El Paso County are organizing the meetings. A consumer advocacy group,United Policyholders (UP) has been instrumental in planning and organizing these meetings.

The meetings will be in the evening and will cover topics including: Income tax benefits and reporting responsibilities that can help and hurt people who experienced a disaster loss.

Major questions that will be discussed include:

  • Is there a loss or a gain? Tax year to claim a loss? Sell & buy or rebuild?
  • Documenting and claiming insured and uninsured losses
  • Tax consequences of insurance settlements, SBA loans, FEMA grants, etc.
  • Special rules for federally declared disasters
  • Determining your cost basis for damaged property

Residents of Larimer, Boulder and El Paso Counties, Colorado, are invited to attend the meetings below:

Larimer County
Loveland Senior Center – Cherry Room,  (Located behind Chilson Rec. Center), 700 East Fourth Street, Loveland CO
Tuesday, February 11, 2014
6:30 pm to 8:30 pm

Boulder County
County Courthouse, 1325 Pearl Street, Commissioners Hearing Room, 3rd Floor
Wednesday, February 12, 2014
6:30 pm to 8:30 pm

El Paso County
Centennial Hall Auditorium, 200 S. Cascade Ave., Colorado Springs
Thursday, February 13, 2014
6:00 pm to 8:00 pm

Who should attend?

If you had property damage resulting from one of the following Federally Declared Disasters you will receive important income tax information that will assist you in your recovery process.

Incident Descriptions:
Severe Storms, Flooding, Landslides, and Mudslides: 9/14/13 – Number 4145
Black Forest Wildfire: 7/26/13 – Number 4134Royal Gorge Wildfire: 7/26/13 – Number 4133
High Park And Waldo Canyon Wildfires: 6/28/12 – Number 4067

These meetings are being coordinated and organized through the efforts of the following:

Community Foundation of Northern Colorado

BOULDER COUNTY, Garry Sanford

Long Term Flood Recovery Group of Boulder County

LARIMER COUNTY, Suzanne Bassinger

EL PASO COUNTY, County Commissioners: Sallie Clark, Darryl Glenn, Peggy Littleton

Recovery Manager: R. C. Smith

Public Information Staff: Dave & Nancy

WALDO CANYON FIRE VOLUNTEERS
“UP” PERSONNEL & VOLUNTEERS including Kerri Olivier

Internal Revenue Service Circular 230 Disclosure

This is a general discussion of tax law. The application of the law to specific facts may involve aspects that are not identical to the situations presented in this material. Relying on this material does not qualify as tax advice for purpose of mounting a defense of a tax position with the taxing authorities
The analysis of the tax consequences of any event is based on tax laws in effect at the time of the event.

Categorized under: Disaster Tax Services, Following A Disaster

January 29, 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

Advice For Appraisers In A Catastrophic/Disaster Loss

Big catastrophic events like Hurricane Sandy and the Moore Tornado make national news. But catastrophic events occur everyday — from a residential home fire to flooding, from mudslides in addition to the large forms of these and earthquakes, hurricanes and wildland fires.

Appraisers have a vital role in assisting the individual who Read more…

Categorized under: Advice For Appraisers
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June 19, 2013

CPA – Thousand Oaks

Here in Thousand Oaks, we have our share of natural disasters. The most recent example is the “Springs” fire that threatened our neighbors in Newbury Park, Dos Vientos, Camarillo and many of the foothill areas all the way down to Malibu.

Fortunately, the fire did not burn too many structures – the damage could have been much worse.

For those who did experience a loss, there are many Read more…

Categorized under: Disaster Tax Services, Following A Disaster
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May 25, 2013

Your Accountant for Disaster Tax Services

Advice From Your Accountant For Disaster Tax Services

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.

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

Categorized under: Disaster Tax Services, Following A Disaster
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April 17, 2013

Appraisal Valuation Issues In A Catastrophic Loss Situation

 

Appraisal Valuation Following a Catastrophic Loss

Download the Free White Paper

Recovering from a catastrophic loss is difficult but it can be done. Determining the amount of a deductible loss is an essential part of recovering from a catastrophic event.  If you have adequate insurance coverage in place, then recovery focuses on collection of the policy provisions. However, where insurance is not adequate or available, Read more…

Categorized under: Following A Disaster
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April 8, 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

Loss Valuation – Cost of Repairs Method FAQs

 

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

Disaster recovery is a complicated matter. The IRS realizes this and has recently posted information in a Frequently Asked Questions format, addressing some thorny issues related to disaster casualty losses.

You can read these FAQs on our Disaster Recovery blog.

For a quick overview, the topics covered include: Read more…

Categorized under: IRS Guidance
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February 21, 2013