casualty

When Disaster Hits, Your Records Can Make or Break a Tax Deduction

Disasters can destroy more than property. They can also destroy the records needed to support an insurance claim or a tax deduction. A recent Tax Court case is a reminder that even when the damage is undeniable, the amount claimed must be documented. The number of costly U.S. weather and climate disasters has risen sharply.

Impacted by a Ponzi scheme? You might be able to deduct the loss faster

In early January 2024, the IRS updated the post titled Help for Victims of Ponzi Investment Schemes which makes references to the 2009 related guidance. Note that this guidance was released a year after the Bernard Madoff scandal. In a normal case scenario if you have a loss in the value of a security (capital

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