In recent weeks, some Americans have been victimized by hurricanes, severe storms, flooding, wildfires and other disasters. No matter where you live, unexpected disasters may cause damage to your home or personal property. Before the Tax Cuts and Jobs Act (TCJA), eligible casualty loss victims could claim a deduction on their tax returns. But there are now restrictions that make these deductions harder to take.

a pier on a stormy cloudy day with rough waves in the water; image used for blog post about casualty loss tax deduction

What’s considered a casualty for tax purposes? It’s a sudden, unexpected or unusual event, such as a hurricane, tornado, flood, earthquake, fire, act of vandalism or a terrorist attack.


Continue Reading Claiming Casualty Loss Tax Deduction in Certain Situations

Most not-for-profits are intensely focused on present needs, not the possibility that a natural disaster will strike sometime in the distant future. But because a fire, flood or other natural or man-made disaster could strike at any time, the time to plan for it is now.

You likely already have many of the necessary processes in place — such as evacuating your office. A disaster or continuity plan simply organizes and documents your processes.


Continue Reading Is Your Not-for-Profit Prepared for a Natural Disaster?