Disaster Recovery

California 2020 Wildfire Relief

Visit our dedicated disaster recovery and relief webpage for filing updates from the IRS and FTB related to California wildfires, as well as other resources to help you or your clients minimize the financial impact of recent wildfires. You’ll also find links to the AICPA/Red Cross Disasters and Financial Planning Guide, information on the AICPA Benevolent Fund and disaster recovery information and a guide for CPAs to providing disaster assistance, both courtesy of the Texas Society of CPAs.  

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September is Preparedness Month

When an earthquake, wildfire or flood can affect Californians like you. Should the Federal Emergency Management Agency (FEMA) declare a disaster in your area, you may be eligible for certain tax and other benefits. Regardless, it is a good idea to be prepared for a disaster beforehand. Following are various resources that can help you learn how to minimize the financial impact of a disaster.

Disaster Recovery Documents

Community Assisting Recovery, a Southern California-based nonprofit, provides documents and information that you can download at no cost. You’ll find guidance on how to take care of issues such as inventorying your personal property and filing an insurance claim.

How to Claim a State Tax Deduction

If you had a casualty loss from a disaster that occurred in an area declared a disaster by the president of the United States, you may be able to claim a deduction on your California tax return.

Disaster/Casualty Loss Tax Practice Guide

This is available from the American Institute of Certified Public Accountants (AICPA) to members of that organization.

Disaster Tax Tips: Roadmap of Changes to Tax Code

These disaster-related tax tips can help reduce burdens on disaster victims—and ensure that the CPAs advising them achieve the desired tax results.
Sifting Through the Rubble: Disaster Losses & Gains
This guide details Sec. 1033, PLRs and Revenue Rulings.

Disaster Resources from the Red Cross